Oil Rises to Trade Higher Than $79 as Equities Boost Optimism
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Oil gained, trading above $79 a barrel for a third day in New York, as advancing equities in Asia bolstered speculation the global recovery in fuel demand will be sustained.
Crude rose as the MSCI Asia Pacific Index reached a one-month high after most European banks passed stress tests aimed at assuring investors. Consumer spending, which accounts for about 70 percent of the U.S. economy, the world’s largest, probably increased last quarter, according to a Bloomberg News survey of economists before a report this week.