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Oil increased, paring this week’s decline, on speculation that fuel demand will climb with the economic rebound in the U.S., the world’s biggest crude- consuming country.
Futures in New York gained as much as 1 percent after reports showed U.S. industrial production rose for a 10th month as the previous month’s output was revised to a gain. Crude climbed after consumer prices excluding food and energy costs rose a smaller-than-forecast 0.1 percent last month, showing inflation remains controlled.
Crude for April delivery rose to $106.14 a barrel on the New York Mercantile Exchange. Prices are up 7.1 percent this year and down 1.4 percent this week.
Brent oil for May settlement increased $2.07, or 1.7 percent, to $124.67 a barrel on the London-based ICE Futures Europe exchange.
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