Oil Extends Gains on Expectations for Shrinking U.S. Supplies
- Bloomberg Dollar Spot Index fell as much as 0.6% on Tuesday
- U.S. crude stocks fell by 5.82 million barrels last week: API
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Oil advanced after settling at a fresh 10-month high, with an industry report showing U.S. crude inventories fell by more than expected.
Futures rose further above $53 a barrel after the American Petroleum Institute was said to report that domestic crude stockpiles fell by 5.82 million barrels last week. Inventories are expected to decline by 3 million barrels, according to the median estimate of a Bloomberg survey for Wednesday’s U.S. government storage report.