Oil Surges to Two-Year High on Unexpected Drop in U.S. Supplies

Crude oil rose to a two-year high after a report showed an unexpected decrease in inventories as imports declined and refineries bolstered operating rates.

Oil climbed 1.3 percent as supplies dropped 3.27 million barrels to 364.9 million last week, the Energy Department said. Stockpiles were forecast to increase 1.5 million barrels, according to a Bloomberg News survey. Inventories of gasoline and distillate fuel, a category that includes heating oil and diesel, fell more than estimated.