Oil Increases 79 Cents

Bloomberg reported that oil increased 79 cents to end at $89.22 a barrel on concern that inventories fell.

As quoted in the market news:

Crude for August delivery increased 79 cents, or 0.9 percent, to $89.22 a barrel on the New York Mercantile Exchange, the highest settlement since May 29. Prices have declined 9.7 percent this year.

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