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Oil advanced for a third day as U.S. payrolls increased less than expected in August, raising speculation that the Federal Reserve will boost stimulus measures to spur economic growth.
Prices gained as much as 1.1 percent on expectations that the Fed will ease monetary policy at a meeting next week after the Labor Department reported the U.S. economy added 96,000 workers last month, less than the 130,000 median estimate in survey of economists. The European Central Bank agreed yesterday to an unlimited bond-purchase program.
Crude for October delivery rose to $96.59 a barrel on the New York Mercantile Exchange. Futures are down 0.3 percent this week and 2.6 percent this year. They have risen 25 percent from the year’s low of $77.28 a barrel on June 28.
Brent oil for October settlement increased 51 cents, or 0.4 percent, to $114 a barrel on the London-based ICE Futures Europe exchange.
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