Crude gained on speculation the Federal Reserve will loosen monetary policy to spur growth and members of OPEC will leave their production ceiling unchanged.

Oil advanced as much as 1 percent as a worse-than-expected jobless claims report fueled expectations that Fed policy makers will announce new stimulus measures after a meeting next week. OPEC oil ministers in Vienna are deciding whether to keep a 30 million-barrel-a-day limit.

Oil for July delivery gained to $83.45 a barrel on the New York Mercantile Exchange. The futures fell to $82.62 yesterday, the lowest settlement since Oct. 6. Prices have decreased 16 percent this year.

Brent oil for July settlement, which expires today, rose 1 cent to $97.14 a barrel on the London-based ICE Futures Europe exchange. The more active August contract increased 14 cents to $96.86 a barrel.