Oil Rebounds After Five-Day Loss on U.S. Outlook, Japan Stimulus
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Oil rebounded after falling for five days in New York, the longest losing streak since May, as a U.S. report showed demand for durable goods beat forecasts.
Futures gained as much as 1.2 percent after closing yesterday at the lowest in more than three months. Demand for durable goods climbed 9.9 percent last month, exceeding the median forecast of economists surveyed by Bloomberg. Equities advanced in Europe and Asia as the Nikkei reported the Bank of Japan may boost its asset-purchase plan. The S&P GSCI index of 24 commodities added 0.5 percent as the Dollar Index dropped.