Oil Rises to Six-Month High Above $85 on Supply, Stimulus Bets
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Oil advanced to a six-month high of more than $85 a barrel on signs U.S. crude inventories are dropping and speculation stimulus measures by the Federal Reserve will weaken the dollar.
Crude stockpiles in the U.S., the world’s biggest oil consumer, dropped 4.1 million barrels last week, the most since July, the industry-backed American Petroleum Institute said yesterday. The Energy Department will release its own report today. The Fed, wrapping up a two-day meeting today, may announce a plan to purchase at least $500 billion in long-term securities, according to economists surveyed by Bloomberg News.