Crude Oil Rises a Second Day as U.S. Gasoline Supplies Decline
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Oil rose for a second day in New York on speculation demand for fuel may be growing in the U.S. after a government report showed gasoline inventories plunged the most in 12 years.
Crude advanced as much as 0.5 percent after the Energy Department said yesterday that gasoline stockpiles declined by 7 million barrels last week to 209.7 million, the biggest drop since Oct. 9, 1998. Inventories were forecast to fall 1 million barrels, according to a Bloomberg News survey. Futures pared gains as European equity markets opened lower.