Oil Climbs to 10-Month High as U.S. Crude Stockpiles Decline

Oil rose to the highest level in more than 10 months in New York as government data showed U.S. crude supplies declined, reducing a glut.

Crude stockpiles dropped by 3.23 million barrels, according to the U.S. Energy Information Administration, in line with analysts’ projections in a Bloomberg survey. Futures briefly reversed direction after the report showed unexpected gains in inventories of gasoline and distillate fuel, a category that includes diesel and heating oil. An upsurge of unrest in Nigeria also buoyed crude prices.

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