Oil Trades Near Four-Month High on Signs of Improving Economy
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Oil traded near the highest price in four months before reports forecast to show a strengthening economy in the U.S., the world’s biggest consumer of crude.
Futures were little changed in New York after surging as high as $100.42 a barrel on Sept. 14 as the Federal Reserve pledged to start buying U.S. mortgage securities. New home construction and sales of previously owned houses rose in August, economists said before U.S. data due Sept. 19. Current crude prices aren’t a threat to the world economy, said Mohammad Ali Khatibi, Iran’s governor to OPEC, according to the Oil Ministry’s news website.