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Oil rose in New York as the U.S. government reported that the economy grew faster than previously estimated in the second quarter and German lawmakers approved an expanded European bailout fund.
Futures gained as much as 3.3 percent after the increase in gross domestic product beat economists’ expectations. Consumer spending also rose more than expected in the quarter and jobless claims dropped last week. Germany’s lower house of parliament agreed to extend the European Financial Stability Facility endorsed by Chancellor Angela Merkel.
Crude for November delivery gained $2.46, or 3 percent, to $83.67 a barrel at 9:55 a.m. on the New York Mercantile Exchange after tumbling 3.8 percent yesterday amid concern that Europe’s debt crisis would trigger another global recession.
New York futures are down 5.8 percent this month and dropped 12 percent since the end of June, the biggest quarterly loss since the last three months of 2008.
Brent oil for November settlement rose $1.75, or 1.7 percent, to $105.56 a barrel on the London-based ICE Futures Europe exchange.
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