Oil advanced in New York, trimming the biggest weekly decline in a month, as signs Europe's debt crisis is easing countered indications a proposed embargo on Iranian crude will be delayed. Futures gained as much as 1.1 percent after borrowing costs for Spain and Italy fell at debt sales yesterday and European Central Bank President Mario Draghi said he saw signs of stabilization in the euro region. Oil also climbed after Nigerian labor unions said they will continue a strike that threatens crude exports from Africa's top producer. Planned European Union sanctions on Iran may be postponed by six months to allow some countries to find alternative petroleum supplies, according to an EU official with knowledge of the talks. “It's a case of Iranian embargo versus a mildly risk-on attitude as a consequence of the so-far so-good Italian and Spanish bond auction,” said Ric Spooner, a chief analyst at CMC Markets in Sydney. Nigeria “is certainly another aspect” that's affecting the market, he said. Crude for February delivery increased as much as $1.09 to $100.19 a barrel in electronic trading on the New York Mercantile Exchange. It was at $100.14 at 2:16 p.m. Singapore time. The contract Thursday fell $1.77, or 1.8 percent, to $99.10, the lowest close since Dec. 30. Prices are down 1.4 percent this week, the biggest decline since the period ended Dec. 16, and up 1.3 percent this year.
