Crude Oil Rises, Set for First Monthly Advance in Three
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Oil in New York headed for the first monthly increase since April before meetings of central bank policy makers to discuss the economy and a report tomorrow that may show U.S. crude stockpiles declined.
Futures were little changed after advancing as much as 0.6 percent. The European Central Bank and the U.S. Federal Reserve hold meetings this week, with ECB President Mario Draghi having pledged on July 26 to preserve the euro. U.S. crude inventories probably dropped 1.1 million barrels last week, according to a Bloomberg News survey before Energy Department data tomorrow. Enbridge Inc. said it won’t restart an oil pipeline to Midwest refineries that leaked until at least tomorrow.