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Oil rose for a fourth day as manufacturing in the New York region expanded in July at a faster pace than anticipated.
Futures advanced as much as 0.8 percent as the Federal Reserve Bank of New York’s general economic index, the Empire State Index, rose to 7.4 following a 2.3 increase in June. Oil also moved higher as U.S. stocks reduced losses and the dollar fell against the euro.
Oil for August delivery traded at range of $86,41 - $87,84 on the New York Mercantile Exchange. The contract rose 1.2 percent to $87.10 on July 13, the highest close since July 5. Prices have fallen 11 percent this year.
Brent crude for August settlement gained $1, or 1 percent, to $103.40 a barrel on the London-based ICE Futures Europe exchange. The contract expires today. The more-active September contract rose $1.25, or 1.2 percent, to $102.67.
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