Oil Climbs as Euro Crisis Eases, U.S. Crude Supply Seen Falling
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Oil advanced for a second day in New York as concern eased that Greece will default on its debt and investors bet a report will show U.S. crude stockpiles dropped for a third week.
Futures climbed as much as 1.1 percent after Luxembourg’s Prime Minister Jean-Claude Juncker said his Greek counterpart assured him the government would do everything to ensure financial aid. Mirae Asset Securities Ltd. raised its Brent price forecasts by 15 percent as fighting in Libya continued to disrupt supplies. An Energy Department report tomorrow may show U.S. crude inventories fell for a third week, according to the median of 12 analyst estimates in a Bloomberg News survey.