Oil trades near two-week high


West Texas In­ter­me­di­ate oil traded near the high­est level in two weeks af­ter an in­dus­try report showed crude stock­piles fell for the first time since Fe­bru­ary in the U.S., the world's largest user of the com­mod­ity.

Fu­tures were lit­tle changed af­ter climb­ing a fourth day yes­ter­day, the long­est run of gains since Jan­uary. Crude sup­plies shrank by 1.38 mil­lion bar­rels last week, the Amer­i­can Pe­tro­leum In­sti­tute said. An En­ergy De­part­ment report to­day may show in­ven­to­ries rose by 2.3 mil­lion, ac­cord­ing to a Bloomberg News sur­vey. OPEC boosted its crude pro­duc­tion to the high­est in three months in Fe­bru­ary, led by in­creased out­put from Saudi Arabia and Iraq, a report from the pro­ducer group showed.

"The API fig­ures pro­vided mildly pos­i­tive sen­ti­ment," said Ric Spooner, a chief mar­ket an­a­lyst at CMC Mar­kets in Syd­ney. "This is a cor­rec­tive rally, there's been no real change in the big­ger de­mand/sup­ply pic­ture that would sug­gest this was the be­gin­ning of any sig­nif­i­cant move."

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