Oil Rises a Second Day on U.S. Crude Supply Drop, Europe Talks
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Oil advanced for a second day in New York on signs that crude stockpiles are shrinking in the U.S., and on speculation that European leaders may agree on steps to address the region’s debt crisis during talks tomorrow.
The industry-funded American Petroleum Institute said crude supplies fell the most in six weeks. An Energy Department report today may show inventories dropped for a seventh week, the longest run of declines in two years. Euro-area government chiefs are meeting tomorrow in Brussels for the second time in a month as they aim to break a deadlock over a new Greek rescue.