Oil Rallies as Global Expectations Brighten and Stockpiles Fall

“Oil rose for a third day in New York after stockpiles dropped in the U.S., the world’s biggest consumer of crude, and economic reports pointed to more demand.

Futures gained as much as 0.9 percent. Crude inventories fell 1.8 million barrels last week, the industry-funded American Petroleum Institute said yesterday. An Energy Department report today may show supplies slid by 500,000 barrels, according to a Bloomberg News survey. U.S. service-industry growth unexpectedly increased, and Australia’s economic expansion beat estimates.”

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