Oil Rises From the Lowest in Eight Days as Crude Stockpiles Fall
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Oil in New York rose from the lowest in eight days on signs of demand increases after an industry-funded report showed crude stockpiles dropped for the first time in five weeks in the U.S.
Futures advanced as much as 0.8 percent after the American Petroleum Institute said yesterday inventories fell 558,000 barrels to 346 million barrels last week. A U.S. Energy Department report today may show supplies in the world’s biggest consumer of the commodity climbed 2 million barrels, according to a Bloomberg News survey.