Oil Climbs for Second Day on Forecast U.S. Stockpiles May Fall
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Oil rose for a second day in New York on speculation U.S. crude inventories declined for a fifth week, signaling fuel demand may be climbing in the world’s biggest user of the commodity.
Futures added as much as 0.9 percent, extending a 2.1 percent rally yesterday, before an Energy Department report tomorrow that may show crude stockpiles dropped, the longest decline since January. The industry-funded American Petroleum Institute will report its own data today. U.S. oil supplies have fallen 3.8 percent since the end of May at the start of the peak gasoline-consumption period and the Atlantic hurricane season.