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Oil climbed for a second day as U.S. stocks increased and the dollar weakened on speculation that central banks will stimulate economic growth with supportive monetary policies.
Futures gained as much as 1.3 percent after Federal Reserve Vice Chairman Janet Yellen endorsed the view that borrowing costs are likely to stay low through 2014 in remarks after U.S. markets closed yesterday.
Today came the weak data on the number of requests for unemployment, which last week rose to the level of 3-month high (380K). Together with the data on applications for unemployment benefits out statistics on the trade balance, which recorded an unexpected reduction in the deficit by more than 12% by the end of February.
Crude for May delivery rose to $104.24 a barrel on the New York Mercantile Exchange. Prices are up 5.1 percent this year.
Brent oil for May settlement gained 34 cents, or 0.3 percent, to $120.52 a barrel on the London-based ICE Futures Europe exchange.
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