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Oil rose in New York, heading for a second weekly gain, as a rescue plan for Europe’s debt-laden economies took shape while better-than-forecast retail sales allayed concerns that the U.S. economy is slowing.
Prices rose as much as 2.7 percent, extending gains after the Commerce Department said that retail sales rose 1.1 percent last month, the biggest increase since February and higher than a 0.7 percent advance forecast by economists. Brent crude surged to its highest in a month. European officials are outlining a rescue plan that may include deeper investor losses on Greek bonds, higher bank capital levels and increased firepower for bailouts and the International Monetary Fund.
Brent oil for November settlement rose $2.29, or 2.1 percent, to $113.40 a barrel on the London-based ICE Futures Europe exchange.
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