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Oil rises slightly on US economic optimism

The Associated Press

7/25/2013

NEW YORK — The price of oil rose slightly Thursday, as optimism about the U.S. economy helped erase some early losses.

U.S. benchmark crude for September delivery rose 10 cents to close at $105.49 a barrel on the New York Mercantile Exchange. Oil fell as low as $104.08 before recovering.

Orders for long-lasting U.S. factory goods rose in June. The increase suggests companies are more confident in the economy and could boost economic growth in the second half of the year.

The report helped "to conjure up images of increased petroleum demand from the US industrial sector," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, in a note to clients.

Brent crude, which is traded on the ICE Futures exchange in London, rose 46 cents to finish at $107.65 a barrel.

In other energy futures trading on the Nymex:

— Gasoline fell 4 cents to $3.02 a gallon.

— Heating oil lost 1 cent to end at $3.04 a gallon.

— Natural gas retreated by 5 cents to finish at $3.64 per 1,000 cubic feet.

Pablo Gorondi in Budapest contributed to this report.
 

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