Oil Advances a Second Day on Forecast U.S. Supply Drop, Greece
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Oil rose for a second day in New York, extending the biggest gain in six weeks, on speculation U.S. crude inventories declined and steps by Greece’s government to prevent a default will bolster Europe’s economy.
Futures advanced as much as 0.7 percent after rallying 2.5 percent yesterday. U.S. oil stockpiles probably dropped for a fourth week, according to a Bloomberg News survey before an Energy Department report. Greece’s parliament will vote today on Prime Minister George Papandreou’s plan to cut spending and sell assets. The first tropical storm of the Atlantic hurricane season formed in the Gulf of Mexico.