West Texas Intermediate rose to its
highest intraday level in seven weeks after an industry report showed U.S.
distillate supplies shrank and a potential historic winter storm threatens to
coat Georgia with ice.
Crude oil gained as much as 0.8 percent in New York, where heavy snow
is forecast.
China, the second-biggest oil consumer, imported a record
amount of crude for a second month in January, customs data showed. China’s oil
purchases increased about 12 percent from a year ago to 28.15 million metric tons,
according to data on the website of the General Administration of Customs in
Beijing today.
U.S.
crude stockpiles expanded by 2.13 million barrels last week, the API data show.
The EIA, the Energy Department’s statistical arm, will probably report a gain
of 2.6 million barrels today, according
to statistical survey.
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