Oil Gains Most in Three Months as Supplies Fall, Demand Rises
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Oil surged the most in three months in New York after U.S. crude supplies declined the most in a year and demand increased.
Futures rose as inventories fell to a five-month low and demand reached the highest level this year. Oil also gained on speculation that the Federal Reserve will take more action to bolster the economy after the Fed said it would keep interest rates near zero until mid-2013. The dollar slipped to a one-week low against the euro yesterday after the announcement.