Oil Rises, Capping Weekly Gain, as G-8 Says Economy Is Expanding
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Oil rose, capping a 0.5 percent weekly increase in New York, after leaders of the Group of Eight said the global economy is strengthening, and as the dollar dropped to a one-week low against the euro.
Oil climbed 0.4 percent after the G-8 said the recovery “is becoming more self-sustained,” in a statement following a two-day summit in Deauville, France. Stocks and commodities advanced. A report that U.S. consumer spending gained less than forecast in April sent the dollar lower, boosting commodities’ appeal as an alternative investment.