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Oil jumps 3% on recovery outlook
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08:12, September 16, 2009

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Crude prices rebounded 3 percent on Tuesday as encouraging U.S. economic data supported the notion that the recession would end this year.

Light, sweet crude for October delivery rose 2.07 U.S. dollars, or 3.0 percent, to settle at 70.93 dollars a barrel on the New York Mercantile Exchange.

The gains came after the Commerce Department said that U.S. retail sales surged 2.7 percent in August, the most since January 2006.

Oil's rally extended as Federal Reserve Chairman Ben Bernanke said technically speaking, the recession was "very likely" over at this point.

Meanwhile, the dollar fell to a new 2009 low against the euro and Wall Street struck a fresh 11-month high on Tuesday, both encouraging buying in commodities market.

In London, Brent Crude for October delivery, which was pressured ahead of the expiration, dropped 7 cents to 67.37 dollars a barrel on the ICE Futures exchange.


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