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Oil Rises as European Leaders Prep for Debt Talks

Oil traded near its highest closing level in three months in New York, the longest streak of gains in a month, before Europe’s leaders meet to discuss combating regional debt turmoil.

Crude advanced as much as 0.5 percent European policy makers plan a week of intensive shuttle diplomacy to help resolve the situation. The Obama administration said on Aug. 17 that a release from the nation’s Strategic Petroleum Reserve remains “an option that is on the table.” Saudi Arabia pumped at the highest level in more than three decades in June and monthly exports were the most since November 2005, according to the Joint Organization Data Initiative.