Oil Trades Near Highest in Four Months on Colder Weather
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Oil traded near the highest level in almost four months in New York before reports that may show the economy recovering in the U.S. and as lower temperatures buoy demand for heating fuels.
West Texas Intermediate was little changed after climbing 0.6 percent yesterday. The U.S. East Coast and Midwest will be 5 degrees Fahrenheit (2.8 Celsius) below normal from Jan. 19 to Jan. 23, according to Commodity Weather Group LLC in Bethesda, Maryland. Retail sales probably rose for a second month in December, a Bloomberg News survey of economists predicted before Commerce Department data today.