Oil Trades Near 26-Month High on Bets U.S. Stockpiles Declined
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Oil traded near a 26-month high in New York as speculation stockpiles in the U.S. are shrinking countered concern that the economic recovery in the world’s biggest crude user may falter.
Crude inventories probably shrank for a fourth week, extending the longest decline in a year, according to a Bloomberg News survey before an Energy Department report tomorrow. Futures earlier dropped as much as 0.3 percent after data yesterday showed a loss in U.S. consumer confidence and home values fell more than economists projected.