Oil Rises in N.Y. After U.S. Economy Grows in 1st Quarter - report
Oil rose in New York after a report showed the U.S. economy grew 1.9% in the first quarter, reflecting a gain in consumer spending, Bloomberg reported.
Futures advanced as much as 0.8% after the Commerce Department in Washington said the revised gross domestic product reading matched the increase previously calculated by the government. Crude fell earlier as the European Commission said economic confidence in the euro area slumped to the lowest in more than 2.5 years in June and Germany reported that unemployment rose for a fourth month this year.
Oil for August delivery on the New York Mercantile Exchange gained as much as 63 cents to US$80.84 a barrel and was at US$80.68 at 1:.53 p.m. London time. The contract earlier fell 46 cents, or 0.6%, to US$79.75.
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