Chris Barber News
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West Texas Intermediate crude surged to the highest level in a month as U.S. employment rose more than forecast in April, stoking speculation that demand in the world’s biggest oil-consuming country will increase.
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Diesel prices are surging in the U.S. Midwest as farmers prepare to plant a record amount of crops this season, eating into below-average fuel supplies.
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Oil rose for a fifth day on speculation that the Federal Reserve will announce additional measures to stimulate the economy, increasing fuel demand.
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Oil capped the biggest quarterly increase this year on concern that escalating Middle East tension will disrupt supplies and as gasoline surged to a five- month high.
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Crude rose the most in a month on forecasts that U.S. gasoline supplies dropped after Hurricane Sandy forced the shutdown of East Coast refineries and as Americans went to the polls to pick a president.
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Crude oil fell, capping the biggest weekly decline in a month, as the U.S. jobless rate climbed to the highest level this year, adding to concern that a slower economic recovery will curb oil demand.
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Oil climbed above $95 a barrel for the first time in three months as U.S. building permits reached a four-year high and equities advanced, adding to optimism that faster economic growth will boost demand.
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Delta Air Lines Inc., the only major U.S. carrier that owns a refinery, is trying to buy cheaper domestic Bakken crude oil to boost savings on making jet fuel.
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Crude snapped a two-day decline in New York on better-than-expected economic reports from the U.S. and Germany.
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Crude rose to the highest level in two weeks after Chinese manufacturing grew the most in seven months in November.
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