Gulf News reported that oil headed for its first weekly gain in three, trading near a one week high in New York amid signs of economic recovery in the US.

Futures gained as much as 0.8% advancing for a third day. The US Commerce Department is expected to report that economic growth accelerated in the Q4. Durable goods orders rose more than forecast in December.

Mr Christophe de Margerie CEO of Total SA said that it would take a real recession to send Brent crude below USD 100 per barrel. To see a lower price of oil below USD 100 you really would need to have a real recession and I don't think we will get a real recession.

(Sourced from Gulf News)