Oil Rises on U.S. Fuel Stockpile Drop; Chinese Demand May Climb
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Crude rose, recouping part of the biggest loss in eight months, on signs that U.S. fuel stockpiles are shrinking and speculation that China will continue to drive oil demand.
The U.S. Energy Department may report today that gasoline stockpiles fell 1.5 million barrels last week, according to a Bloomberg News survey. Futures rebounded after yesterday’s 4.3 percent decline, the biggest drop since Feb. 4, as concern eased that an unexpected rate increase by China’s central bank will harm fuel consumption in the world’s largest energy user.