WTI Crude Rises to Near Five-Week High on Economic Rebound Signs
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West Texas Intermediate advanced to trade near its highest level in five weeks amid signs of economic recovery in the U.S., the world’s biggest oil consumer.
Futures climbed as much as 0.8 percent. Orders for U.S. durable goods rose more than forecast in February, propelled by automobiles and a rebound in commercial aircraft. Sales of new homes posted the best back-to-back performance in four years, economists said before data today. WTI slipped earlier on estimates that U.S. crude stockpiles increased by 1.4 million barrels to 384.1 million last week, the highest since June.