Crude Oil Increases After Report Showing U.S. Stockpile Decline
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Crude oil climbed as a government report showed U.S. supplies fell a third week and refineries increased operating rates to the highest level in 10 months.
Futures rose 1.3 percent after the Energy Department said inventories dropped 1.71 million barrels to 363.8 million last week. Refineries operated at 89.2 percent of capacity, the most since the week ended Aug. 13. Oil also rose after Greek Prime Minister George Papandreou won a vote of confidence, reducing concern repercussions of Greece’s debt crisis will spread.