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Oil climbed after U.S. crude inventories dropped the most in seven months and on speculation central banks will take steps to support the economic recovery
Futures rose as much as 1.3 percent after the U.S. Energy Department said stockpiles decreased 6.52 million barrels last week, the biggest decline since the seven days ended Dec. 16. Supplies were forecast to fall 1 million barrels. A Federal Reserve policy meeting ends today and the European Central Bank’s Governing Council gathers tomorrow.
Crude oil for September delivery rose to $89.20 a barrel on the New York Mercantile Exchange. Futures traded at $88.63 a barrel before release of the inventory report. Prices gained 3.6 percent last month and are down 11 percent this year.
Brent oil for September settlement increased 79 cents, or 0.8 percent, to $105.71 a barrel on the London-based ICE Futures Europe exchange.
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