Oil Rises After Unexpected Decline in U.S. Inventories

Oil rose to a one-week high after the Energy Department reported that crude supplies unexpectedly declined and as equities gained on increasing optimism that U.S. economic growth is accelerating.

Futures climbed 1 percent after crude supplies fell 2.05 million barrels to 373.1 million last week. A gain of 1.8 million was the median estimate of analysts surveyed by Bloomberg. Stocks rose on better-than-expected economic reports, including a five-month high for the Institute for Supply Management’s factory index.