Oil Rises for Fourth Day as U.S. Supplies Drop Most in a Decade

Oil gained for a fourth day in New York after U.S. crude inventories declined the most in a decade, signaling tighter supplies in the world’s biggest consumer of the commodity.

Futures rose as much as 0.7 percent after gaining 1.5 percent yesterday as Energy Department data showed stockpiles fell 10.6 million barrels, the largest decrease by volume since February 2001. New York oil will average a record $100 a barrel next year as the U.S. avoids recession, while London-traded Brent will decline from the 2011 mean, according to a Bloomberg News survey of analysts.