Oil Trades Near Seven-Week High on Iran, Stockpiles
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Oil traded near the highest level in seven weeks in New York amid speculation U.S. stockpiles will decline and tension with Iran may escalate.
Futures swung between gains and losses after rising for a fourth day yesterday. Crude stockpiles probably fell 750,000 barrels last week, a fourth weekly drop that further erodes the biggest glut since 1990, according to a Bloomberg News survey before an Energy Department report tomorrow. The U.S. will use “all elements” of American power to prevent Iran from obtaining nuclear weapons, Secretary of State Hillary Clinton said yesterday in Jerusalem.