Skip to content
Subscriber Only

Oil Extends Biggest Rally in a Week on Forecast of Supply Drop

Oil rose for a second day, extending its biggest rally in a week, as equities advanced and analysts forecast a drop in U.S. crude supplies.

Futures rose as much as 1.2 percent, adding to yesterday’s 1.4 percent gain. The Trans-Alaska Pipeline System, which carries about 15 percent of U.S. oil output, was shut following a Jan. 8 leak, forcing companies to suspend most production from the North Slope. Crude stockpiles are forecast to have declined by 1.4 million barrels last week, the sixth weekly drop, according to a Bloomberg News survey before a report tomorrow.