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Oil rose from an eight-month low on speculation that policy makers will do more to stimulate the economy and on expectations that U.S. inventories dropped.
Prices gained as much as 1.2 percent after Federal Reserve Bank of Chicago President Charles Evans said he would support a variety of measures to generate faster job growth. Government data will show oil inventories fell the most in almost five months last week, a Bloomberg survey of analysts showed.
The policy-setting Federal Open Market Committee will meet next week as slowing job growth at home and a deepening crisis in Europe weigh on the economic outlook. Evans, who isn’t a voting member of the FOMC this year, has been one of the most vocal proponents of additional easing.
Oil for July delivery gained to $83.72 a barrel on the New York Mercantile Exchange after dropping to $81.07, the lowest intraday level since Oct. 6. Prices are down 15 percent this year.
Brent oil for July settlement fell 55 cents, or 0.6 percent, to $97.45 a barrel on the London-based ICE Futures Europe exchange.
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