Oil Rises After U.S. Supplies Tumble Most in Seven Months

Oil climbed after U.S. crude inventories dropped the most in seven months and the Federal Reserve said it may take steps to boost the economy.

Futures advanced 1 percent after the U.S. Energy Department said stockpiles decreased 6.52 million barrels last week, the biggest decline since December. The Federal Reserve said it will closely monitor the economy and act “as needed” to spur the recovery. The European Central Bank may move to ease Europe’s debt crisis at a meeting tomorrow.