Oil Rises After Report Shows Bigger Than Forecast Supply Drop

Crude oil futures rose after a U.S. government report showed a bigger than forecast decline in inventories. Supplies fell 2.81 million barrels to 344.5 million in the week ended July 10, the Energy Department said today in a weekly report. Inventories were forecast to decline by 2.1 million barrels, according to the median of analyst estimates in a Bloomberg News survey. Crude oil for August delivery rose $1.30, or 2.2 percent, to $60.82 a barrel at 10:36 a.m. on the New York Mercantile Exchange. Oil traded at $60.81 a barrel before the release of the report at 10:30 a.m. in Washington.....Complete Story

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