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>> PHILADELPHIA Latest News

JUL 19, 2013 - San Francisco Chronicle

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Oil above $108 as US data points to faster growth

The Labor Department reported a drop in claims for unemployment benefits and the Federal Reserve Bank of Philadelphia said manufacturing activity in the mid-Atlantic region grew in July at the fastest pace in more than two years. The recent gains by the West Texas Intermediate, or WTI, the benchmark oil grade traded on the Nymex, have narrowed the spread to the Brent contract traded in London from over $20 in the past months to less than $1 now. "Better-than-expected US economic data are providing the WTI price with upward momentum and so is the sharp reduction of U.S. crude oil stocks in ... Read More

Tags: Oil above $108 as US data points to faster growth,  Philadelphia Latest News