Oil Rises From Lowest in a Year on Supply Drop, Stimulus Hopes
This article is for subscribers only.
Oil rose from its lowest in a year in New York after a surprise drop in crude stockpiles and on signs the U.S. may take further steps to sustain an economic recovery.
Futures rose as much as 3.7 percent after sliding 7.9 percent in the past three days. Crude inventories dropped 3.1 million barrels last week, the American Petroleum Institute said yesterday. An Energy Department report today was forecast to show a gain of 1.5 million barrels. Federal Reserve Chairman Ben S. Bernanke signaled yesterday he’ll push forward with further expansion of monetary stimulus if needed.