WTI Crude Oil Futures Head for Third Weekly Advance
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West Texas Intermediate crude headed for a third weekly increase, its longest run of gains since May, and is forecast to rise next week in a Bloomberg News survey amid speculation U.S. stimulus measures will continue.
Futures climbed as much as 0.9 percent in New York, and are on course for a 2.3 percent advance this week. U.S. crude stockpiles shrank, a government report showed earlier this week, while Federal Reserve Chairman Ben S. Bernanke called for maintaining bond purchases to revive the economy. Crude inventories fell by 9.87 million barrels last week, the Energy Department said July 10. Iraq halted oil exports on its pipeline to Turkey because of a fault, the North Oil Co. said.