Oil Near One-Week High; API Reports First Inventory Drop
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West Texas Intermediate traded near the highest level in more than a week. U.S. crude stockpiles declined for the first time this year, according to the American Petroleum Institute.
Futures advanced as much as 0.5 percent in New York, extending yesterday’s 0.5 percent gain. Crude inventories fell 2.3 million barrels last week, the first drop in six weeks, data from the industry-funded API showed. An Energy Department report today may show supplies rose, according to a Bloomberg News survey. The International Energy Agency trimmed forecasts for global oil demand because of constrained economic expansion.