Oil Trades Near $60 a Barrel Following Wednesday's Gain

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il rose to near $60 a barrel in overnight trading amid expectations that U.S. economic growth will remain strong, Bloomberg reported Thursday.

Light sweet crude oil futures were trading at $59.65 a barrel in electronic trading on the New York Mercantile Exchange, Bloomberg said. Oil rose $1.66, or 2.9%, to $59.82 a bar-rel on Wednesday, its biggest single-day gain in two weeks.

Consumer confidence in the U.S. rose to its highest since August and the recovery in de-mand may have cut oil and fuel stockpiles last week, Bloomberg said.