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Oil advanced to the highest level in seven weeks on rising concern that the Middle East will lose stability and speculation that governments will act to spur economic growth.
Prices gained as much as 1.8 percent as Israeli Prime Minister Benjamin Netanyahu threatened a forceful response against Iran, which he blamed for a suicide attack in Bulgaria that killed Israeli tourists, and as Syrian government forces battled rebels in Damascus. China has “relatively large” room to boost fiscal spending to support economic growth, a government researcher said.
Federal Reserve Chairman Ben S. Bernanke said on July 17 policy makers are studying options for further easing that could be deployed in case economic growth remains too feeble to produce a lasting decline in unemployment.
Crude for August delivery rose to $91.86, the highest intraday level since May 29.
Brent oil for September settlement advanced $1.77, or 1.7 percent, to $106.93 a barrel on the London-based ICE Futures Europe exchange.
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