World Business
Crude prices rise above $86
(Xinhua)
Updated: 2010-05-01 10:45
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NEW YORK: Crude prices climbed above $86 on Friday as US consumer spending recovers.
The US Commerce Department said on Friday that the nation's economy grew by 3.2 percent from January to March.
Consumer spending, which normally accounts for about 70 percent of US economic activity, added nearly 2.6 percentage points to the GDP growth, showed the best improvement in three years.
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Light, sweet crude futures rose 98 cents to $86.15 per barrel on the New York Mercantile Exchange.
In London, Brent crude rose 54 cents to settle at $87.44 per barrel on the ICE futures exchange.
