Oil Climbs to 3-Week High on Distillate Supply Forecast
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West Texas Intermediate crude rose to a three-week high on speculation that U.S. distillate fuel supplies slid as falling temperatures bolstered heating demand.
Futures advanced 1.9 percent. The U.S. will probably report tomorrow that stockpiles of distillate fuel, including heating oil and diesel, dropped 500,000 barrels last week, a Bloomberg survey showed. Record snowfall for the date fell in New York’s Central Park as cold weather moved in. WTI also increased as TransCanada Corp. said a leg of the Keystone XL pipeline started delivering crude to the Gulf Coast.