Oil Climbs in New York on Signs of Demand, Trimming Weekly Drop
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Oil rose in New York, trimming its weekly decline, on signs of growing fuel demand in the world’s two biggest crude-consuming nations.
July delivery futures climbed as much as 1.2 percent following a 1.6 percent drop yesterday. U.S. jobless claims fell by a more-than-forecast 29,000 in the week ended May 14, according to the Labor Department. China’s diesel demand may climb as factories turn to the fuel this summer for power generation amid electricity rationing, Barclays Capital said.