Oil Trades Near Four-Month High on Euro-Area Confidence
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Oil rose, trading near the highest level in almost four months in New York on estimates that U.S. refiners boosted crude use and amid signs of an economic recovery in Europe.
West Texas Intermediate futures advanced as much as 0.7 percent, the third consecutive daily increase. Refineries probably raised their average run rate last week by 0.2 percentage points to 90.6 percent, according to a Bloomberg survey ahead of an Energy Department report tomorrow. Economic confidence in the euro area increased more than economists forecast in December, data from the European Commission in Brussels showed today.