Oil Rebounds From One-Week Low as U.S. Stockpiles Decline
Oil rebounded from the lowest close in more than a week in New York amid signs of a decline in stockpiles in the U.S., the world’s biggest crude consumer.
Futures climbed as much as 1.7 percent after slipping 2.4 percent yesterday. U.S. inventories fell 695,000 barrels last week, the American Petroleum Institute said after yesterday’s settlement. A Department of Energy report today will probably show supplies slid 1.38 million barrels, according to the median estimate in a Bloomberg News survey. China reported passenger-vehicle sales that beat analysts’ forecasts.