Oil Rises From 10-Month Low on Fed Comments; IEA Sees 2012 Risks
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Oil rebounded from a 10-month low in New York on signs of shrinking U.S. crude inventories and after the Federal Reserve said it may to use a range of methods to bolster the economy.
Futures gained for the first time in three days after the Fed said yesterday it will keep interest rates near zero until mid-2013 and use other tools “as appropriate.” Crude supplies fell the most since June, according to the industry-funded American Petroleum Institute. The International Energy Agency said it may need to cut next year’s estimate for oil demand.