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Crude oil futures posted their biggest one-day gain Tuesday since September 2005, rising on forecasts of continuing cold weather and expectations of a stronger U.S. economy, Bloomberg reported.Crude prices rose $2.91 to close at $56.92 a barrel on the New York Mercantile Exchange, Bloomberg reported.Futures rose following a National Weather Service forecast that below-average temperatures in the eastern United States, a region that consumes 80% of U.S. heating oil, would continue for another two weeks, Bloomberg said. A rise in consumer confidence also contributed to oil’s rise, as traders bet that a strengthening U.S. economy would trigger increased fuel consumption, Bloomberg reported.The Conference Board Tuesday said consumer confidence in January rose to near a five-year high. (Click here for related coverage.)
January 30, 2007 3:30 PM, EST