Oil Rises From Eight-Week Low as China Car Sales Expand
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Oil rose from the lowest close in almost two months in New York after a European Central Bank official signaled the lender may act to stem the spread of the region’s debt crisis.
Futures gained as much as 0.7 percent as the euro strengthened against the dollar after ECB Executive Board member Benoit Coeure suggested that the bank may restart bond purchases for Spain. Crude declined yesterday after an industry report showed U.S. stockpiles rose for a third week. The Energy Department will release its inventory report later today.