Oil Rises on Lower Inventory Speculation Ahead of EIA Report

West Texas Intermediate traded near a three-day high on speculation U.S. crude inventories declined for a third week, signaling increased demand in the world’s biggest oil consumer.
Futures gained as much as 0.8 percent in New York after rising by 0.4 percent yesterday. Stockpiles probably dropped by 1.88 million barrels to the lowest level in five months, according to a Bloomberg News survey before a report tomorrow from the Energy Information Administration, the Energy Department’s statistical arm. Refiners typically boost output in the summer to meet peak motor-fuel consumption. Gasoline prices at U.S. filling stations climbed this week by the most since February, EIA data showed.

via Bloomberg

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