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Oil rose for the first time in seven days in New York as China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between the supply and demand of crude is tightening.
Futures climbed as much as 1 percent from the lowest level in more than six months after Chinese Premier Wen Jiabao said his country will focus more on bolstering growth. China is the second-biggest crude consuming country after the U.S.
This weekend, leaders of the Group of Eight nations urged Greece to stay in the euro area and to maximize economic expansion.
The extent of oil’s drop was unwarranted, Goldman said in a report.
Crude oil for June delivery rose to $92.41 a barrel on the New York Mercantile Exchange. Brent oil for July settlement increased $1.03, or 1 percent, to $108.17 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade is heading for the biggest gain since April 12.
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