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Oil climbed to a one-month high after U.S. manufacturing increased at the fastest pace in 10 months, signaling that economic growth will accelerate in the world’s biggest crude-consuming country.
The ISM manufacturing index rose to 54.8 from March’s 53.4, the Tempe, Arizona-based group’s report showed. The median forecast called for a drop to 53, with a range from 52 to 54.
Crude oil for June delivery gained to $106.32, the highest intraday level since March 28 on the New York Mercantile Exchange. Prices climbed 1.8 percent in April and are up 7.3 percent this year.
Brent oil for June settlement gained 29 cents, or 0.2 percent, to $119.76 a barrel on the London-based ICE Futures Europe exchange.
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