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| Oil rebounds above $63 a barrel | |
| (about 4 hours later) | |
| Oil has bounced above $63 a barrel, buoyed by a positive US housing report. | |
| US light, sweet crude rose $1.49 in afternoon trading to $63.51, while Brent crude rose $1.43 cents to $65.18. | |
| Oil prices had slipped in early trading on concerns that demand in the US - the world's largest energy consumer - may be slowing. | |
| "Then June housing starts came in [at] 3.6%, better than expected, providing a bounce off its lows," said Tom Bentz at BNP Paribas. | "Then June housing starts came in [at] 3.6%, better than expected, providing a bounce off its lows," said Tom Bentz at BNP Paribas. |
| Crude is now on track for a weekly gain of more than 4% in New York, ending a four-week losing streak. | |
| Oil prices have fallen nearly $10 since early July due to concerns over energy demand, which has contracted for the first time in a quarter of a century. | Oil prices have fallen nearly $10 since early July due to concerns over energy demand, which has contracted for the first time in a quarter of a century. |
| Last July, oil peaked at around $147 a barrel. |