Oil Is Little Changed Ahead of U.S. Economic, Stockpile Reports
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Crude was little changed in New York ahead of reports today that may show U.S. manufacturing expanded and fuel stockpiles declined, reinforcing speculation that demand is improving in the world’s biggest oil user.
Futures rose as much as 0.1 percent, after dropping 0.5 percent earlier in the day, before a Federal Reserve report projected to show output at factories, mines and utilities increased 0.5 percent in July, according to the median forecast in a Bloomberg survey. The U.S. Energy Department may report today that stockpiles fell by 1.5 million barrels, according to a separate Bloomberg News survey.