Oil Heads for Quarterly Gain as Libya Strife Counters U.S. Glut
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Oil rose, heading for a third quarterly gain in New York, as concern the Libyan conflict will prolong production cuts countered signs of rising supplies in the U.S., the world’s largest crude consumer.
Prices advanced as much as 0.5 percent today after troops loyal to Libyan leader Muammar Qaddafi forced rebels to retreat as the U.S. and U.K. said they would consider arming opposition forces. Crude stockpiles climbed to a record last week at the delivery point for U.S. futures and fuel consumption fell, according to an Energy Department report yesterday.