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Oil Rises to Three-Month High on Supply and Trade Optimism

  • American inventories fell 7.9 million barrels last week: API
  • WTI futures heading for biggest monthly gain since January
Marathon Petroleum Corp. Gallup Refinery Ahead Of Earnings Figures
Photographer: Cate Dingley/Bloomberg
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Oil advanced in light trading, with prices set for the biggest monthly gain in almost a year on speculation that supplies are shrinking.

Futures rose 0.9% in New York, gaining for a third straight session as trading resumed after the Christmas break. Prices are up almost 12% this month, and have reached the highest level since mid-September. The American Petroleum Institute reported that U.S. stockpiles dropped 7.9 million barrels last week.