West Texas Intermediate climbed to the highest level in a week after the Federal Reserve said it will maintain monthly bond purchases to stimulate economic growth in the U.S., the world’s biggest oil consumer.
Futures advanced as much as 0.9 percent after rising the most in more than three weeks yesterday. The Federal Open Market Committee said it will continue buying $85 billion in securities each month. U.S. crude stockpiles fell to the lowest level since March 2012, and inventories at Cushing, Oklahoma, the delivery point for WTI contracts, dropped for an 11th week, according to a government report yesterday.
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