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Brent crude rises on debt hopes, U.S. stocks data

Published 07/20/2011, 03:25 PM
Updated 07/20/2011, 03:28 PM
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NEW YORK, July 20 (Reuters) - Brent crude oil futures gained for a second straight session on Wednesday on rising hopes that euro zone and U.S. debt problems would be resolved.

Brent found support earlier on U.S. data showing crude stocks fell for a seventh straight week last week and as the dollar weakened against a basket of currencies. [EIA/S] <.DXY>.

In London, ICE Brent crude for September delivery settled at $118.15 a barrel, gaining $1.09, or 0.93 percent, after trading between $117.06 and $118.86.

Brent's premium against U.S. crude widened to $19.75 at the close, from $19.20 on Tuesday. (Reporting by Gene Ramos; Editing by Dale Hudson)

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