WTI Gains a Third Day; OPEC Set to Maintain Output Limit
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West Texas Intermediate rose for a third day amid forecasts U.S. crude stockpiles dropped last week for the first time since September. OPEC is poised to keep its production ceiling unchanged at a meeting tomorrow.
Futures climbed as much as 0.5 percent after data yesterday showed U.S. manufacturing accelerated more than estimated. Crude inventories shrank by 700,000 barrels, the first decline in 11 weeks, according to a Bloomberg News survey before a government report tomorrow. The Organization of Petroleum Exporting Countries will stick with a 30 million barrel-a-day output limit, oil ministers from Iraq, Algeria and Angola said today.