Feb. 26 (Bloomberg) -- Oil rose, trading near the highest in a month, as stronger equities markets and declining U.S. gasoline supplies increased speculation that fuel demand may improve.
Oil rose as European stocks climbed for the first time in five days. Gasoline stockpiles declined 3.32 million barrels to 215.3 million barrels last week, the Energy Department said in a report yesterday. Consumption averaged 9 million barrels a day over the past four weeks, up 1.7 percent from a year earlier, as pump prices fell.
“The market is consolidating after last night’s gains on the back of a fairly bullish U.S. fuel inventories report,” said Andrey Kryuchenkov, an analyst with VTB Capital in London. “Risk sentiment has improved, with gains in global equities also supporting the market.”
Crude oil for April delivery climbed as much as $1.07, or 2.5 percent, to $43.57 a barrel on the New York Mercantile Exchange. It traded at $43.03 at 1:42 p.m. in London. more...
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