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Oil Gains a Third Day on Demand Outlook as Crude Stockpiles Drop

Oil rose for a third day in New York on shrinking stockpiles and signs of economic improvement in the U.S., the world’s largest consumer of crude.

West Texas Intermediate futures gained as much as 1.6 percent, while Brent oil in London surpassed $100 a barrel for the first time since June 1. U.S. crude inventories fell 1.8 million barrels last week to 384.1 million barrels, the industry-funded American Petroleum Institute said yesterday. An Energy Department report today may show supplies slid by 500,000 barrels, according to a Bloomberg News survey. Bank of America Corp. cut price forecasts for the year’s second half and 2013.