Oil Climbs After U.S. Inventories Unexpectedly Decline in Report

http://www.bloomberg.com/news/2012-03-21/oil-rises-after-supplies-unexpectedly-fall-in-government-report.html

Oil increased after the U.S. Energy Department said that crude inventories unexpectedly dropped 1.16 million barrels last week.

Futures rose as much as 1.4 percent as the report showed supplies fell for the first time in five weeks as imports decreased. Stockpiles were forecast to gain 2.2 million barrels, according to analysts surveyed by Bloomberg News. Crude declined 2.3 percent yesterday after Saudi Arabian Oil Minister Ali al- Naimi said the kingdom can boost output by 25 percent.