Oil Rises First Time in 3 Days; Brent Gap Widest in Year
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Oil rose after a two-day slide as optimism that European finance ministers will make progress in taming the region’s debt crisis offset signs that crude supplies are excessive amid a global economic slowdown.
West Texas Intermediate crude gained as much as 1.5 percent after the European ministers welcomed Greece’s determination to cut spending and reshape its recession-wracked economy. The commitment improves chances that regional aid will keep flowing and stop Greece from abandoning the euro. U.S. oil supplies probably rose after crude production climbed to the highest level in more than 15 years and imports increased, a Bloomberg survey showed before an Energy Department report on Oct. 11.