Oil Caps Biggest Weekly Gain in Six as Factory Output Rises
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Oil edged higher in New York, capping the best week in six, as U.S. industrial production rose more than forecast in December in a sign that fuel demand will strengthen.
Crude climbed 14 cents as the Federal Reserve said output at U.S. factories, mines and utilities increased the most in five months. Oil earlier fell as much as 1.4 percent after China’s central bank announced that it would raise reserve requirements for the fourth time in two months.