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Oil prices rallied on both sides of the Atlantic on Thursday and ended at their highest levels in 25 months, as a weaker dollar prompted investors to buy riskier assets such as oil and other commodities.
Oil investors also took the cue from Wall Street, which cheered upbeat U.S. data on housing and retail sales, indicating the economic recovery was getting traction and boding well for future oil demand.
U.S. crude for January delivery settled up $1.25, or 1.44 percent, at $88 a barrel, the highest since October 8, 2008. Prices were up for a second day, with the two-day gain of 4.62 percent, the highest since October 2, when prices rose 4.8 percent.