Oil Rises Before U.S. Supply Data on Signs of Economic Recovery
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Oil rose for a second day in New York before a weekly U.S. government report on supply levels, amid signs that recovery in the world’s biggest economy is supporting fuel consumption.
Futures gained as much as 1.6 percent as the dollar traded near its weakest level against the euro in a more than a year, boosting the appeal of commodities to protect against inflation. The Energy Department will release its report today. The industry-funded American Petroleum Institute said yesterday that gasoline inventories fell 1.8 million barrels to 212.7 million. European equities rose, with the Stoxx 600 adding 1.6 percent.