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Oil was little changed in New York, rebounding from a decline after Federal Reserve Chairman Ben S. Bernanke said accommodative monetary policy is needed to lower unemployment.
Futures erased a 0.6 percent loss after Bernanke said further improvement in the job market will require keeping the central bank’s interest rates low, making commodities a more attractive investment. Oil dropped earlier on concern that Europe’s debt crisis will slow growth.
Crude oil for May delivery rose 4 cents to $106.91 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Futures dropped as low as $106.19 before the Bernanke speech in Arlington, Virginia. Prices are up 8.2 percent this year.
Brent oil for May settlement climbed 49 cents, or 0.4 percent, to $125.62 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $18.71.
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