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Oil gained, heading for the longest streak of weekly advances since April 2009, on speculation that signs of U.S. economic growth and Europe’s efforts to contain the debt crisis will boost fuel demand.
Crude climbed for a second day as the Thomson Reuters/University of Michigan preliminary index of consumer sentiment for November rose to 64.2, higher than economists’ projection of 61.5. Italy’s Senate approved a key budget bill today to clear the way for new leadership, while Greece formed a unity government.
The Dollar Index, which tracks the U.S. currency against six major peers including the euro and the yen, slid 0.7 percent to 77.216. A weaker dollar increased oil’s appeal as an investment alternative.
Crude for December delivery climbed to $99.20 a barrel on the New York Mercantile Exchange.
Brent oil for December settlement gained 47 cents, or 0.4 percent, to $114.18 a barrel on the London-based ICE Futures Europe exchange.
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