Oil Rises to One-Week High on IMF Outlook, U.S. Supply Decline
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Crude oil climbed to the highest price in a week as the IMF bolstered its economic outlook and a decline in U.S. crude inventories added to signs of recovery.
U.S. crude stockpiles fell 2 percent to 351.8 million barrels last week, the biggest reduction since September, the American Petroleum Institute reported. The Energy Department will release its own weekly data today. The International Monetary Fund raised its forecast for global growth this year, reflecting a stronger-than-expected first half.