Oil Rises for First Time in Three Days Before U.S. Supply Data
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Oil rose for the first time in three days before an Energy Department report forecast to show that gasoline supplies declined for an eighth week in the U.S., the world’s largest crude consumer.
Gasoline stockpiles probably declined 1 million barrels from 216.7 million barrels in the longest stretch of declines since the summer of 2008, according to a Bloomberg survey of analysts before today’s data. Oil dropped as much as 0.6 percent in London earlier as Libyan rebels said they would accept a Turkey peace proposal if it includes an agreement for leader Muammar Qaddafi to relinquish power.