Oil Rises, Paring Weekly Drop, as Retail Sales Boost Confidence
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Oil rose in New York, paring this week’s decline, as data showing higher U.S. retail sales during July assuaged concerns that the global recovery is fading.
Oil reversed losses today as European equities and U.S. stock-index futures climbed. Retail sales in the U.S. climbed in July by the most in four months, showing consumers are holding up even as employment slows. France’s economy failed to grow in the second quarter and manufacturing in the euro region unexpectedly declined in June, reports today showed.