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22.03.2013 16:27

Oil rose

West Texas Intermediate crude rose, narrowing its discount versus Brent to the lowest level in two months, as the euro strengthened against the dollar and data showed the U.S. economy is improving.

WTI climbed as much as 1 percent and the euro increased from near a four-month low as Cypriot lawmakers debated measures needed to get a bailout. Cyprus is trying to raise 5.8 billion euros ($7.5 billion) needed to trigger emergency loans from the European Central Bank and avoid a financial crisis. The ECB said it will withdraw funding from Cyprus’s lenders from next week if the government and the euro area fail to agree on a deal. The Cypriot parliament rejected a measure to tax bank deposits earlier this week. German lawmakers from Chancellor Angela Merkel’s coalition criticized the handling of Cyprus bailout proposals today.

Jobless claims dropped to a five-year low in the U.S. last week, based on the four-week moving average, the Labor Department reported yesterday.

Brent slid to the lowest level in more than three months in intraday trading as German business confidence unexpectedly fell. German business confidence fell from a 10-month high in March as Cyprus inflamed the euro region’s debt crisis. The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, declined to 106.7 from 107.4 in February. That’s the first drop in five months.

WTI for May delivery gained to $93.34 a barrel on the New York Mercantile Exchange. Prices are down 0.5 percent this week.

Brent for May settlement rose 19 cents to $107.66 a barrel on the London-based ICE Futures Europe exchange after falling to $106.90, the weakest intraday level since Dec. 7. 


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