Oil Climbs to Eight-Day High as U.S. Gasoline Inventories Drop
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Oil advanced to its highest price in eight trading sessions in New York as investors bet that shrinking fuel stockpiles in the U.S. indicate demand will increase in the world’s biggest crude-consuming nation.
Futures rose as much as 1.9 percent before an Energy Department report today that may say crude and gasoline stockpiles fell last week. The industry-funded American Petroleum Institute said yesterday gasoline supplies slid the most in almost five months. Inventories typically shrink in summer amid the May-to-September peak driving season.