Oil Advances From Two-Month Low as ECB Meets
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Oil rebounded in New York after dropping the most in more than three months as tensions between Syria and Turkey fanned concern that exports from the Middle East may be reduced.
Futures advanced as much as 0.9 percent as Turkey fired into Syrian territory for a second day and called for United Nations intervention. The euro gained against the dollar, boosting the appeal of commodities, as the European Central Bank left interest rates unchanged. Oil plunged 4.1 percent yesterday after the Energy Department reported that U.S. crude production climbed to the highest level in more than 15 years while fuel usage decreased.