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Oil traded near its highest in 12 weeks in New York on speculation China’s government will boost the economy of the world’s second-biggest crude consumer, while European leaders prepared to tackle the region’s debt crisis. Prices gained as much as 0.8 percent after China’s industry ministry said it is studying “stimulative policies” for smaller companies.
Crude oil for December delivery was at $93.56 a barrel, up 39 cents, in electronic trading on the New York Mercantile Exchange at 1:07 p.m. London time. The contract yesterday increased 2.1 percent to $93.17, the highest settlement since Aug. 2. Prices are up 2.4 percent this year.
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