Oil Rallies On Stronger U.S. Outlook and Anticipation of Higher Saudi Output

“Oil climbed for a fifth day in New York, the longest streak of gains in a month, on signs of a strengthening U.S. economy and speculation that higher Saudi Arabian crude output indicates increasing demand for fuel.

Futures gained as much as 0.5 percent after closing at a three-month high on Aug. 17 as a report showed U.S. consumer confidence unexpectedly improved. Home sales and orders for durable goods probably climbed in July, economists said before figures this week. Saudi Arabiapumped crude at the highest level in more than three decades in June and monthly exports were the most since November 2005, according to the Joint Organization Data Initiative.”

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