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Crude Oil Rises for Second Day on U.S. Jobless Claims Report

Crude oil rose for a second day as applications for U.S. unemployment benefits dropped more than forecast, easing concern about the labor market amid other signals the economy is slowing.

Oil jumped 1.2 percent after the Labor Department in Washington reported initial jobless claims fell for the first time in a month in the week ended Aug. 21. The dollar weakened against the euro, boosting commodities’ appeal as an alternative investment. Crude touched an 11-week low of $70.76 yesterday.