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WTI Oil Trades Near Two-Week High as Crude Supplies Fall

West Texas Intermediate traded near the highest level in two weeks after an industry report showed U.S. crude stockpiles fell for the first time since February. The IEA trimmed its 2013 global oil demand forecast.

Futures advanced a fifth day, the longest run of gains since December. Crude inventories shrank by 1.38 million barrels last week, the American Petroleum Institute said. An Energy Department report today may show supplies rose by 2.3 million, according to a Bloomberg News survey. The International Energy Agency curbed demand estimates for this year by 60,000 barrels a day to 90.6 million.