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Crude Oil Rises on Positive Data from Europe

December 12, 2012 at 0:11 by Vladimir Vyun

Crude oil rose a bit on good news from Europe. The German ZEW Economic Sentiment jumped as much as 22.6 points to 6.9 in December. Germany is the biggest oil consumer in Europe. The economic expectations for the eurozone also noticeably improved as the corresponding index climbed by 10.2 points to 7.6 points. Spain sold €3.9 billion of bonds at auction, beating its target of €3.5 billion.

Crude was also supported by expectations of falling US stockpiles. This week’s government report is expected to show a decline by 2.6 million barrels. Previous week’s report showed a drop by 2.4 billion barrels.

Crude oil (light sweet) rose from $85.64 to $85.80 per barrel on NYMEX.

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