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Oil Gains as Economy Strengthens, Boosting Demand

November 15, 2010 at 21:54 by Vladimir Vyun

Oil gained today on signs that economies of the US and Japan are strengthening. Stronger economy usually leads to bigger consumption of oil.

Retail sales in the US grew 1.2 percent in October. The sales rose by 0.7 percent in September and were expected to keep the same pace last month.

Annual growth of Japan’s gross domestic product in the third quarter of 2010 was 3.9 percent, while median forecast promised only a 2.5 percent increase. Business spending rose 0.8 percent in the third quarter. Decline of industrial output in September was revised from 1.9 percent to 1.6 percent.

The Standard & Poor’s 500 Index advanced 0.6 percent to 1,206.15 by 13:22 in New York. The Dow Jones Industrial Average went up by 0.7 percent to 11,270.61.

December delivery for crude oil rose $0.24 cents (0.3 percent) to $85.12 per barrel as of 13:21 on NYMEX. December contract for Brent crude oil gained $0.46 (0.5 percent) to $86.80 on ICE.

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