Crude Oil Rises to Two-Year High as Consumer Confidence Climbs
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Crude oil rose to the highest level in more than two years as confidence among U.S. consumers advanced to a six-month high, signaling that fuel demand will increase in the biggest oil-consuming country.
Oil jumped 1.1 percent after the Thomson Reuters/University of Michigan final index of consumer sentiment for December climbed to 74.5 from 71.6 in November. Americans increased spending in November for a fifth straight month and companies stepped up orders for equipment, signaling that the economic recovery is accelerating.