Oil Caps Eighth Straight Month of Gains on Consumer Spending
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Oil rose, capping an unprecedented eighth straight month of gains, as better-than-expected consumer spending signaled fuel demand may climb.
Futures reached a 31-month high after purchases increased in March as Americans spent more on food and fuel, according to a Commerce Department report. Equities advanced and the dollar weakened against other major currencies, boosting the appeal of commodities as an alternative investment.