Crude Oil Rises on Lower US Gasoline Supplies

Crude oil rose for a second day after a U.S. Energy Department report yesterday showed a bigger than anticipated decline in inventories of gasoline as refiners shut units and imports fell.

Gasoline supplies dropped 6.39 million barrels to 202.8 million barrels last week, the biggest decline since October 2002 when tropical storms disrupted Gulf of Mexico output. Gold, silver and nickel also rebounded on speculation declines since July were exaggerated.

Crude oil for September delivery rose as much as 96 cents to $116.96 a barrel, and was at $116.86 at 08.50 London time on the New York Mercantile Exchange.