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Oil Rises as Fuel Demand Outweighs Equity Slump, Dollar Gain

  • Domestic demand strong but gains capped by global growth gloom
  • U.S. fuel-supply decline overshadows rising crude stockpiles
Bloomberg business news
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Oil posted the first gain in three days as a government report showing stronger U.S. fuel demand overshadowed a slump in equities.

Futures closed 0.8 percent higher after rising as much as 1.4 percent earlier in the session. The day’s gains were limited by a strengthening greenback and faltering equities, while Wednesday’s inventory report showed growing demand and a substantial drop in fuel stockpiles that offset a large crude build.