Oil Rises From Lowest in Eight Days Before U.S. Supply Report
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Oil rose in New York from the lowest in eight days on speculation that the U.S. Energy Department will report a smaller increase in the country’s crude supplies than originally forecast.
Futures advanced as much as 0.8 percent after the American Petroleum Institute said yesterday inventories fell 558,000 barrels to 346 million barrels last week. The Energy Department will publish its numbers today. Before the release of the API data, analysts surveyed by Bloomberg News predicted the department will show supplies in the world’s biggest consumer of the commodity climbed 2 million barrels.