WTI Climbs on Smaller-Than-Projected Supply Gain
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West Texas Intermediate crude advanced after a government report showed that U.S. inventories climbed less than expected while refineries increased operating rates. Brent rebounded from a four-year low.
Stockpiles rose 460,000 barrels to 380.2 million last week, the Energy Information Administration said. A 2.35 million-barrel gain was projected, according to the median of responses in a Bloomberg survey. Refineries bolstered utilization rates for the first time in six weeks as they completed scheduled maintenance. Oil has slumped into a bear market amid speculation that global supply is outpacing demand.