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Oil rose from a two-week low as more investors signed on to a Greek debt swap, reducing concern that the country will default and bolstering optimism that the European economy will rebound.
Futures climbed as much as 1.2 percent after investors with holdings amounting to 58 percent of the Greek bonds eligible for the nation’s debt swap agreed to participate. An Energy Department report showed that U.S. crude supplies increased last week while stockpiles of gasoline, diesel and heating oil fell. Crude oil supplies climbed 832,000 barrels to 345.7 million barrels last week, the highest level since September, the Energy Department report showed.
Futures also advanced after companies in the U.S. added 216,000 workers to their payrolls in February, according to data today from Roseland, New Jersey-based ADP Employer Services.
Crude oil for April delivery rose to $106.24 a barrel on the New York Mercantile Exchange. Brent oil for April settlement increased $1.58, or 1.3 percent, to $123.56 a barrel on the London-based ICE Futures Europe exchange.
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