Oil rose for a second day in New York on speculation European governments will tame their sovereign-debt crisis, tempering a slowdown in the region’s economy and demand for raw materials.

Futures gained as much as 2.8 percent, trimming the biggest quarterly decline since the global financial crisis in 2008. U.S. Treasury Secretary Timothy F. Geithner predicted Europe will intensify efforts to contain its debt problems after being pressured at international meetings in Washington last week. The European Union accounted for 16 percent of global oil consumption last year, according to BP Plc’s annual Statistical Review of World Energy.

“If there’s a credible plan that is good enough and certain enough to restore reasonable confidence to the world, then a lot of things are going to look cheap at current prices and that probably includes oil,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney.

Crude for November delivery climbed as much as $2.26 to $82.50 a barrel in electronic trading on the New York Mercantile Exchange. It was at $82.16 at 3:19 p.m. Singapore time. Oil has dropped 14 percent from the end of June, the biggest quarterly loss since the three months ended December 2008. Prices are down 7.5 percent this month and 10 percent this year.