Oil Rises From Three-Month Low as Gasoline, Crude Supplies Fall
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Oil rose from a three-month low after an industry-funded report showed U.S. gasoline stockpiles dropped and crude inventories at the delivery point for New York futures declined the most since June.
Prices gained as much as 1.5 percent today. Gasoline supplies last week fell 676,000 barrels, the American Petroleum Institute said. An Energy Department report today will show they increased 950,000 barrels, according to a Bloomberg News survey. Crude inventories at Cushing, Oklahoma, the delivery point for the benchmark West Texas Intermediate grade, slid 1.5 million barrels, the API said.