Oil Rises on Forecast Drop in U.S. Gasoline Supplies, Libya
This article is for subscribers only.
Oil rose for the first time in three days in New York on speculation that U.S. gasoline stockpiles are shrinking as the summer driving season approaches and Libya’s unrest worsens.
Futures climbed as much as 0.7 percent today as Libyan rebels said Muammar Qaddafi’s forces are accelerating attacks and appealed for international help. U.S. gasoline supplies probably fell for an eighth week, the longest stretch of declines since the summer of 2008, according to a Bloomberg News survey before an Energy Department report today.