Oil Rebounds From 11-Week Low on Libya Unrest, U.S. Supply Drop
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Oil rebounded from an 11-week low in New York on signs U.S. stockpiles are shrinking and as political protests in the Middle East spread to Libya and Bahrain.
Futures rose for the first time in four days after the industry-funded American Petroleum Institute yesterday said crude inventories slid 354,000 barrels in the seven days ended Feb. 11. Energy Department data today may show stockpiles increased 2 million barrels. Associated Press reported the first-ever demonstrations in Libya against leader Muammar Qaddafi who has held power since 1969.