US Oil May Retest $100 as 'Stimulus Drums' Beat Louder: Survey

Oil prices will likely gain this week on expectations that the U.S. Federal Reserve may announce additional stimulus to help boost an anemic recovery in the world's largest economy while markets are looking towards the European Central Bank to suppress unsustainably high sovereign borrowing costs in Spain and Italy, according to CNBC's weekly survey of oil market sentiment.

The risk-on rally in global financial markets started on Thursday after ECB President Mario Draghi vowed that "within our mandate, the ECB is ready to do whatever it takes to preserve the euro," adding "believe me, it will be enough."

Commodities rose the most in over a week on Friday but growing hopes for further global stimulus came too late to prevent the sector's first weekly decline in over a month, Reuters reported. Oil rose for a fourth day, gold neared its highest since early May and copper rose more than 1 percent. U.S. stocks climbed 2 percent.

Brent September crude [LCOCV1  106.03    -0.44  (-0.41%)] rose $1.21 to settle at $106.47 a barrel on Friday but recorded a 36-cent loss for the week after four straight weekly gains.

Front-month crude-oil futures at the New York Mercantile Exchange settled at $90.13 a barrel on Friday, up 74 cents, or 0.8 percent.

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