Brent Crude Gains for Second Day as U.S. Stockpiles Decline - report
Brent crude rose for a second day in London, gaining more than $1, after an industry report showed stockpiles fell the most in more than three months in the U.S., the world's biggest oil consumer, Bloomberg reported.
Futures increased as much as 1.1% after closing US$1.20 a barrel higher yesterday. U.S. crude supplies dropped by 4.1 million barrels in the seven days ended Dec. 14, the most since the week to Aug. 31, data from the American Petroleum Institute showed. A U.S. government report today may say inventories fell by 1.75 million barrels, according to a Bloomberg News survey. Oil has advanced this week amid speculation that U.S. lawmakers will agree on steps to avert tax increases and spending cuts known as the fiscal cliff.
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