Oil Rises in New York on Report That Iran Fired Missiles
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Oil rose in New York after falling for a fifth time in six days as Iran fired missiles as part of a military exercise and before reports that will probably show U.S. consumer confidence and the housing market improved.
Futures advanced as much as 1.2 percent, after prices slid 6.2 percent last week, as state-run news agency Fars reported that Iran fired four missiles in the Persian Gulf as part of a war game. Iranian President Mahmoud Ahmadinejad said in a U.S. television interview yesterday that his nation will defend itself if attacked by Israel.