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West Texas Intermediate climbed to a one-week high as fewer Americans filed claims for unemployment benefits last week and consumer spending rebounded in May.
Prices gained for a fourth day as jobless claims decreased to 346,000 from a revised 355,000 the prior period, the Labor Department reported. Household purchases, which account for about 70 percent of the economy, rose 0.3 percent last month, the Commerce Department said.
The four-week moving average of jobless claims, a less-volatile measure than the weekly figures, dropped to 345,750 last week from 348,500, according to the Labor Department.
The gains in consumer spending followed a 0.3 percent decline the prior month that was the biggest since September 2009, according to the Commerce Department.
More Americans signed contracts in May to buy previously owned homes than at any time in more than six years, a sign of bigger progress in the industry, figures from the National Association of Realtors showed.
WTI for August delivery rose 99 cents, or 1 percent, to $96.49 a barrel at 11:16 a.m. on the New York Mercantile Exchange. The price reached $96.54, the highest since June 20. The volume of all futures traded was 16 percent lower than the 100-day average for the time of day. Futures have declined 0.8 percent in the second quarter.
Brent for August settlement increased 90 cents, or 0.9 percent, to $102.56 a barrel on the London-based ICE Futures Europe exchange. The volume traded was 39 percent below the 100-day average.
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