Oil Rises for First Day in Four on U.S. Supply, Euro Recovery
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Oil climbed in London for the first time in four days on speculation that European lawmakers may reach an agreement to resolve the region’s debt crisis, and on signs of shrinking crude stockpiles in the U.S.
Brent advanced as much as 1.1 percent as the euro strengthened against the dollar after Greece’s Finance Minister Evangelos Venizelos said a solution is “attainable” at a summit of European leaders to be held in two days. A weaker U.S. currency makes dollar-denominated assets such as oil more attractive. A report tomorrow may show crude inventories in the U.S. dropped for a seventh week.