Oil Rises From Four-Month Low in New York on U.S. Demand Signals
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Oil rose in New York as speculation U.S. fuel demand will increase prompted investors to buy contracts after prices fell to the lowest in four months.
Crude climbed as much as 0.9 percent before a report today that may show a rebound in consumer confidence in the U.S., the world’s biggest user of the commodity. U.S. oil stockpiles probably dropped to the lowest in two months, according to a Bloomberg News survey. Futures yesterday slid after consumer spending stagnated in May. Prices are gaining after holding above a long-term Fibonacci technical support level.