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Oil advanced in New York after European leaders agreed on measures to tame a sovereign debt crisis that threatens to slow economic growth and curb demand for commodities. Futures climbed as much as 3.3 percent after falling 3.2 percent yesterday, the biggest decline this month. Officials in Europe persuaded bondholders to take 50 percent losses on Greek debt and boosted a bailout fund to 1 trillion euros ($1.4 trillion). The Commerce Department said today the U.S. economy grew at the fastest pace this year in the third quarter. U.S. supplies of fuels such as gasoline, diesel and heating oil fell last week, the Energy Department said yesterday.
Crude for December delivery rose as much as $2.99 to $93.19 a barrel in electronic trading on the New York Mercantile Exchange. It was at $92.92 at 1:36 p.m. London time. Yesterday, the contract declined the most since Sept. 30, losing $2.97 to $90.20. Prices have gained 1.7 percent this year.
Brent oil for December settlement on the London-based ICE Futures Europe exchange climbed as much as $2.29, or 2.1 percent, to $111.20 a barrel. The European benchmark contract was at a premium of $17.96 to New York crude, down from a record close of $27.88 on Oct. 14.
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