West Texas Intermediate crude rose to its highest in two weeks amid speculation U.S. unemployment and manufacturing data signaled the world’s biggest oil consumer will sustain its economic growth.
Futures rose as much as 1 percent in New York and have gained 2.1 percent since Jan. 10. U.S. jobless claims fell last week to the lowest since November while a factory index for this month increased, according to separate reports yesterday. Industrial production data for December is due today. Prices may retreat next week, according to a Bloomberg News survey. Morgan Stanley said it sees “downside risk” for crude from rising supply.
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