Oil Climbs a Second Day as Fed Keeps Stimulus, Stockpiles Slide
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Oil climbed for a second day in New York on speculation fuel demand will increase after the Federal Reserve renewed its pledge to stimulate growth and as U.S. gasoline stockpiles fell to the lowest since August 2009.
Futures rose to a 31-month intraday high today after Chairman Ben S. Bernanke signaled the Fed will maintain its record monetary stimulus. The Energy Department said gasoline inventories fell 2.51 million barrels to 205.6 million last week, declining for the 10th week. They were projected to drop 1 million barrels, said analysts surveyed by Bloomberg News.