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Oil climbed as Thanksgiving retail sales advanced to a record in the U.S., a signal of economic growth in the world’s biggest crude-consuming country.
Futures rose as high as $100.74 after U.S. consumers spent $52.4 billion during the holiday weekend, according to the National Retail Federation, citing a survey from BIGresearch. The dollar fell and commodities gained after the Welt am Sonntag newspaper reported German Chancellor Angela Merkel and French President Nicolas Sarkozy are planning a stability pact.
Crude oil for January delivery increased to $98.26 a barrel at the moment on the New York Mercantile Exchange. Futures touched the highest level since Nov. 17. Prices have risen 8.1 percent this year.
Brent oil for January settlement climbed $2.38, or 2.2 percent, to $108.78 a barrel on the London-based ICE Futures Europe exchange.
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