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Crude oil finished slightly higher amid hopes economic recovery will improve energy demand. Oil finished the week and the year notably higher.
Light sweet crude oil finished at $79.36 per barrel, up 8 cents for the session. Prices briefly touched $80 per barrel for the first time in nearly a month.
Crude gained more than 75% in 2009, posting its best annual gain since 1999. Oil finished the week up $1.31 a barrel.
Prices gained yesterday after Energy Information Administration data revealed U.S. commercial crude oil inventories decreased by 1.5 million barrels in the week ended December 25. This was less than the expected decline of 2.2 million barrels.
In economic news, the U.S. Labor Department said that jobless claims fell to 432,000 from the previous week's revised figure of 454,000. The decrease came as a surprise to economists, who had expected jobless claims to edge up to 460,000 from the 452,000 originally reported for the previous week.
Construction spending is due at 10 a.m. ET. A decline of 0.5% is expected for November after the figure came in unchanged in October.
The ISM manufacturing index for December is also due at that time. A reading of 54.0 is forecast, compared to a 53.6 in November.
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