West Texas Intermediate crude advanced before a government report that’s projected to show U.S. supplies dropped a third week and as the Federal Reserve will announce its decision on a possible reduction of stimulus.
Futures rose as much as 0.5 percent. An Energy Information Administration report today is forecast to show stockpiles fell by 3.5 million barrels, according to a Bloomberg survey. Refinery operations are projected to have increased a fourth week. The Fed will decide whether to maintain or reduce its $85 billion monthly bond buying program at the end of a two-day meeting in Washington.
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