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Oil Trades Near One-Week Low on Rising U.S. Stockpiles

Brent oil rose in London as a debt sale by Spain bolstered confidence in Europe’s recovery, countering concern that rising U.S. inventories will leave the market over-supplied.

Brent climbed as much as 1 percent after Spain sold 2.54 billion euros ($3.3 billion) of bonds, just above the maximum target for the auction. U.S. supplies gained 3.9 million barrels last week, yesterday’s Energy Department data showed. The median forecast in a Bloomberg News survey of analysts was for an increase of 1.8 million barrels. In New York, prices slipped after Labor Department data showed more Americans filed for unemployment benefits last week than forecast.