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Oil Climbs a Third Day on U.S. Economy, Shrinking Crude Supplies

Oil climbed for a third day in New York as investors bet that fuel demand may increase amid signs of an economic recovery and declining stockpiles in the U.S., the world’s biggest crude consumer.

Futures advanced as much as 1.2 percent after data from the American Petroleum Institute showed crude inventories dropped to the lowest in almost two years. The Energy Department today may say supplies fell 2.13 million barrels, according to a Bloomberg News survey. The February contract surged 3.4 percent yesterday on U.S. housing data that beat estimates, unexpected growth in German business confidence and indications that shipments from Iran may be curbed.