Nov. 18 (Bloomberg) -- Oil headed for the first weekly decline since September in New York as signs Europe’s debt crisis is spreading countered speculation economic recovery in the U.S. will boost demand in the biggest crude consumer.
Futures were little changed, after slipping as much as 0.8 percent. Prices slid below $100 a barrel yesterday as European bond yields rose, signaling the region’s leaders are struggling to stem the crisis that’s threatening to derail economic growth and demand for commodities. Claims for jobless benefits in the U.S. fell to the lowest level in seven months, the Labor Department said yesterday.
“Europe is clearly where eyes are focused for all markets at the moment,” said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty. in Sydney. “The potential for it to knock global growth prospects significantly is still there. We could see a pullback from these levels before heading higher again.”
