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Economic data in the U.S. has been mostly positive this week, which helped propel oil to four straight days of gains. Demand for oil and gas grows with the economy as shippers move more goods and consumers drive and fly more. Jobless claims fell and housing construction increased. But the Commerce Department reported on Friday that consumer spending and incomes were growing at a very weak pace, suggesting continued sluggish economic growth. Trading volume is normally low during the last week of the year, as many traders vacation around the Christmas and New Year's Day holidays. Global oil markets are closed Monday for Christmas. Average retail gasoline prices rose less than a penny Friday to a national average of $3.22 per gallon. In other energy trading on the Nymex, natural gas fell 3 cents to $3.14 per 1,000 cubic feet. Heating oil rose about a penny to $2.91 a gallon, and gasoline futures were up almost 3 cents at $2.67 a gallon.
[Associated
Press;
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