Oil Extends Gains on Signs of Stockpile Slide and Weaker Dollar - Bloomberg:
Oil extended gains after an industry group signaled American crude stockpiles fell more than expected and a weaker dollar raised the allure of commodities priced in the U.S. currency.
October futures in New York climbed as much as 0.6 percent after Tuesday’s 0.6 percent advance. Crude inventories fell by 5.17 million barrels last week, the American Petroleum Institute was said to report, more than double what analysts forecast government data will show. Also boosting prices is a four-day slide in the greenback, increasing the appeal of dollar-based commodities contracts.
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