Oil Surges Most in a Month as U.S. Adds Jobs, Services
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Oil surged the most in a month after U.S. payrolls climbed more than estimated and service industries expanded at a faster pace, bolstering optimism about economic strength in the world’s biggest crude-consuming country.
Futures rose 4.9 percent as payrolls gained 163,000 in July, Labor Department figures showed today in Washington. The Institute for Supply Management’s non-manufacturing index unexpectedly gained. Tropical Storm Ernesto may grow into a hurricane this weekend, the U.S. National Hurricane Center said.