Oil Settles Higher for Third Day on U.S. Economy, Euro Pledge: Report
Oil rose for a third day as U.S. reports on durable goods and jobless claims reduced concern that economic growth is slowing and the head of the European Central Bank pledged that the euro will survive, Bloomberg reports.
Prices gained 0.5%, the report said, as bookings for goods meant to last at least three years climbed more than projected in June and fewer Americans than forecast filed first-time claims for unemployment insurance payments last week. ECB President Mario Draghi said policy makers will do whatever is needed to preserve the euro.
Crude for September delivery rose 42 cents to settle at $89.39 a barrel on the New York Mercantile Exchange. Prices have increased 15% from the year's closing low of $77.69 a barrel on June 28.
Brent oil for September settlement climbed 88 cents, or 0.8%, to end the session at $105.26 a barrel on the London-based ICE Futures Europe exchange.
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