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Oil climbed for a seventh day, the longest streak of advances since January 2010, as escalating tension with Iran threatens supplies and on signs of a global economic recovery.
Futures rose to a nine-month high as sanctions against the Persian Gulf nation make it more difficult for Iran to sell crude. Purchases of new homes in the U.S. exceeded forecasts in January while American, French and South Korean consumer confidence increased this month, reports showed today.
Crude oil for April delivery rose to $109.08 a barrel on the New York Mercantile Exchange. Brent oil for April settlement gained 60 cents, or 0.5 percent, to $124.22 a barrel on the London-based ICE Futures Europe exchange.
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