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Oil Increases as Signs of Demand Strength Continues

August 22, 2021 by

Futures in New York rose 1.7% on Thursday as equities climbed toward all-time highs. While U.S. gross domestic product growth missed forecasts in the second quarter, household spending jumped by the most decades, underscoring the demand for oil and other commodities to support the supply chain. Oil was also supported by a weaker dollar, which boosts the appeal of commodities priced in the currency.

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