Oil Gains a Second Day as U.S. Stockpiles Drop to Five-Month Low

Oil rose for a second day in New York after an industry report showed stockpiles shrank to the lowest in more than five months in the U.S., the world’s biggest crude consumer.

Futures gained as much as 0.9 percent after the American Petroleum Institute said inventories slid 7.2 million barrels last week to 359.3 million, the lowest since the period ended March 23. An Energy Department report today may show supplies fell 4.95 million barrels as Hurricane Isaac curbed Gulf of Mexico output, according to a Bloomberg News survey. Europe’s central bank is set to announce President Mario Draghi’s proposal for bond purchases to tame the region’s debt crisis.