Oil Trades Near 4-Day High as U.S. Supply Counters Debt Review
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Oil traded near a four-day high in New York after signs of shrinking crude supplies in the U.S. countered speculation the world’s biggest consumer of the commodity may face a credit-rating downgrade.
Futures swung between gains and losses after Moody’s Investors Service put the U.S. rating under review as talks to raise its $14.3 trillion debt limit stall. The Energy Department said yesterday that oil stockpiles fell for a sixth week and gasoline supplies dropped.