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Oil advanced in New York for the first time in three days on better-than-expected economic data from the U.S. and Germany.
Prices climbed after the Commerce Department reported retail sales advanced 0.8 percent, the first gain in four months and more than the 0.3 percent estimated by economists. Germany’s gross domestic product rose 0.3 percent from the first quarter, the Federal Statistics Office in Wiesbaden said. Economists predicted a 0.2 percent increase.
The pickup in U.S. retail sales last month followed a quarter in which household spending grew at the slowest pace in a year. Consumer purchases, about 70 percent of the economy, expanded at a 1.5 percent annual rate from April to June, according to Commerce Department data.
In Germany, second-quarter expansion was driven by consumption and net trade, with exports rising more than imports, the statistics office said.
Oil also rose on speculation that U.S. crude stockpiles dropped. Inventories probably declined by 1.75 million barrels last week, according to the median response before an Energy Department report tomorrow. The American Petroleum Institute will release separate inventory data today.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now at $ 93.50 a barrel.
September futures price for North Sea Brent crude oil mixture is now $113,61 a barrel on the ICE Futures Europe Exchange.
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