Oil Trades Near Two-Year High on U.S. Supplies, China Processing
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Oil traded near its highest price in two years in New York after U.S. crude inventories unexpectedly declined and investors bet that demand is increasing in China, the world’s biggest energy user.
Crude gained for a second day after the Energy Department said stockpiles fell 3.27 million barrels last week to 364.9 million. Supplies were forecast to increase 1.5 million barrels, according to a Bloomberg News survey of analysts. Chinese refiners processed 12 percent more crude in October than a year earlier, according to China Mainland Marketing Research Co.