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Monday, July 20, 2009

Oil prices goes higher

Oil prices were higher on Monday, lifted by rising global equities and positive data that suggested the worst may be over for the crisis-hit US housing market, analysts said.

New York's main futures contract, light sweet crude for delivery in August, gained 32 cents to 63.88 dollars a barrel.

Brent North Sea crude for September delivery climbed 50 cents to 65.88 dollars.

US stocks opened higher Monday, building on last week's powerful rally on reports that huge business lender CIT Group had found private financing to avert bankruptcy. European shares rallied Monday after gains in Asia.

US media reported Monday that business lending giant CIT Group, which provides capital for small- and mid-sized businesses, has negotiated an agreement worth 3.0 billion dollars with its bondholders to avoid bankruptcy.

Oil soared last week as traders welcomed encouraging US data and earnings reports that could boost the recession-mired American economy -- which is the world's top energy consumer.

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