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Crude Oil Rises, Caps Biggest Monthly Advance Since May 2009

Crude oil rose, capping the biggest monthly gain since May 2009, after U.S. second-quarter gross domestic product and weekly jobless claims beat economists’ estimates in signs that demand may improve.

Oil jumped to a seven-week high on a government report that the world’s largest economy grew at a 1.7 percent annual rate in the second quarter. The price also gained as the decline in jobless claims indicated that companies are cutting back on firings and on an unexpected drop in gasoline stockpiles.