Oil Rises From 2-Week Low on U.S. Supplies, German Business Data
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Oil rose from the lowest price in two weeks after a surprise drop in U.S. stockpiles, and as an unexpected advance in German business confidence countered concern that Europe’s debt crisis will trigger a recession.
New York futures gained as much as 1.1 percent. Crude inventories declined last week to the lowest since January 2010, according to an Energy Department report yesterday. German business confidence unexpectedly rose for the first time in five months in November. The official Saudi Press Agency reported that four people were killed and nine wounded in violence in the kingdom’s eastern province.