Oil Rises On Auspicious US Economic Data

From US News

By Pablo Gorondi

The price of oil climbed to near $96 a barrel Tuesday after fresh data from the U.S. suggested the world’s largest economy keeps recovering.

By early afternoon in Europe, benchmark crude for May delivery was up 90 cents to $95.71 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.10 on Monday.

The U.S. Commerce Department said that orders for factory-produced durable goods — items expected to last at least three years — rose by 5.7 percent in February over the previous month. That beat consensus forecasts for a 3.7 percent increase after a 4.9 percent drop in January.

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