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Crude Oil Futures Gain on Speculation Losses Excessive

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Crude oil surged the most in more than 2 1/2 years after falling to the lowest since 2009.

Oil futures rose 5.6 percent in New York and 4.5 percent in London. Options expiration bolstered activity, while technical indicators signaled that crude was due for a rebound. Futures have dropped the past six months, the longest stretch in six years. During this period West Texas Intermediate posted five weekly gains before resuming its slide.