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Oil Climbs a Third Day on U.S. Supply, Heads for Quarterly Loss

Oil rose for a third day, trimming its first quarterly loss in a year, as traders bet U.S. demand may be strengthening and Greece prepared for a second vote on austerity measures designed to prevent a debt default.

Futures advanced as much as 0.7 percent, extending the biggest two-day rally in seven weeks. The U.S. Energy Department said yesterday inventories fell almost four times as much as projected by analysts and Greece’s parliament backed Prime Minister George Papandreou’s package of budget cuts and asset sales. Oil also climbed as Arlene, the first tropical storm of the Atlantic hurricane season, moved toward the Mexico coast.