Crude oil rebounds after U.S. Energy Department reports inventory decline
Crude oil rose in New York after the Energy Department said stockpiles fell a more-than-expected 7.34 million barrels to 339 million last week.
Futures also rose as a Chinese leading indicator climbed in July, adding to evidence that the world’s second-biggest economy is withstanding Europe’s debt crisis and faltering U.S. growth. South Korea’s unemployment rate fell to a three-year low as the economy’s expansion boosted hiring in the service sectors. China and South Korea are the world’s second and ninth biggest oil consuming countries, according to the U.S. Energy Department.
Oil for October delivery rose 0.78 percent, to $87.60 a barrel on the New York Mercantile Exchange.