Oil Rises in New York; Heads for Biggest Weekly Drop in a Year
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Oil climbed from the lowest in almost two months in New York, trimming the biggest weekly decline in a year, on speculation a drop below $100 a barrel was exaggerated.
Futures increased as much as 1.2 percent after sliding 8.6 percent yesterday following worse-than-expected U.S. economic data. Oil broke through the lower Bollinger Band, a technical signal which typically indicates prices are poised to rise. A Labor Department report today may show the U.S. generated fewer jobs in April than in March.