Crude Oil Advances a Second Day After U.S. Refiners Produce Less Gasoline

Crude oil rose for a second day in New York to trade near a nine-week high, after a report showed a drop in U.S. gasoline supplies before the summer driving season.

Gasoline supplies fell by 4.4 million barrels last week, the U.S. Energy Department said yesterday, more than twice the drop analysts surveyed by Bloomberg News had predicted. Gasoline and diesel output declined as refineries cut production so they could perform maintenance.

Bloomberg