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Crude oil rose for a second day on speculation that economic growth in China and Japan, the world’s second- and third-largest oil consumers, will boost energy demand.
Oil climbed as much as 1.7 percent after data showed China’s manufacturing may expand in October and Japan’s exports exceeded economists’ forecasts. Prices also gained as U.S. stocks moved higher after Caterpillar Inc. reported earnings that beat analyst estimates.
Crude for December delivery rose $1.29, or 1.5 percent, to $88.69 a barrel on the New York Mercantile Exchange. Prices are down 3 percent so far this year.
Brent oil for December settlement increased 59 cents, or 0.5 percent, to $110.15 a barrel on the London-based ICE Futures Europe exchange.
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