Oil Increases Most in Three Weeks as Dollar Weakens on Bernanke
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Oil rose the most in three weeks as the dollar fell against the euro after Federal Reserve Chairman Ben S. Bernanke said the 8.3 percent rate of unemployment in January understates weakness in the U.S. labor market.
Futures increased 1.5 percent as the currency dropped on Bernanke’s comments and signs that Greece is near a debt agreement. West Texas Intermediate crude advanced more than Brent in London, reducing the European benchmark’s premium over New York oil for the first time in nine days.