Oil Rises to 26-Month High Above $90 on U.S. Supply Forecast

Oil climbed above $90 a barrel to the highest price in two years before a report forecast to show that U.S. crude stockpiles fell for the first time in three weeks.

Futures rose as much as 1.5 percent to trade as high as $90.76 in New York. Inventories declined 1.5 million barrels, or 0.4 percent, in the seven days ended Dec. 3 from 359.7 million a week earlier, the Energy Department will report tomorrow, according to a Bloomberg survey. Oil’s 14-day relative strength index, a measure of how fast prices have risen or dropped in that period, was at 67.7, close to the 70 level traders typically see as a signal that prices may reverse.