West Texas Intermediate climbed for a second day after a government report showed crude supplies rose less than forecast in the U.S., the world’s biggest oil user.
Futures advanced as much as 0.4 percent in New York. U.S. crude inventories expanded by 460,000 barrels last week to 380.2 million, the Energy Information Administration said yesterday. They were projected to climb by 2.35 million in a Bloomberg News survey. Oil has slumped into a bear market amid speculation that global supply is outpacing demand.
WTI for December delivery gained as much as 30 cents to $78.98 a barrel in electronic trading on the New York Mercantile Exchange and was at $78.96 at 10:41 a.m. Sydney time. The contract added $1.49 to $78.68 yesterday. The volume of all futures traded was about 67 percent below the 100-day average. Prices have decreased 19.8 percent this year.
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