Oil Trades Near Three-Week High on Stimulus Outlook
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Oil traded near the highest level in three weeks amid speculation China and the U.S. will add stimulus to their economies, sustaining demand for fuel in the world’s biggest crude-consuming nations.
Futures were little changed after rising for a fifth day yesterday, the longest run of gains since July. Chinese Premier Wen Jiabao said the government has more room for fiscal and monetary policy to support growth. The Federal Open Market Committee starts a two-day meeting today, which may culminate in additional steps to boost the U.S. economy. The country’s crude stockpiles probably fell 2.9 million barrels last week, according to a Bloomberg News survey of analysts before an Energy Department report.