Crude oil rose after a U.S. government report showed supplies fell the most since 2002, imports fell and refiners boosted fuel production.
Inventories fell 9.85 million barrels to 346 million last week, the Energy Department said. The stock is expected to decline from 2.5 million barrels. Imports fell 15 percent to 7.69 million barrels, the lowest level since September 2008. Refineries operated at 88 percent capacity, the highest since September.
"The numbers are striking oil," said Andre Julian, chief financial officer and senior market strategist OpVest Wealth Management in Irvine, California. "The short-term shortage of oil in the U.S. is forming. The prices could easily reach $ 100 by the end of the year on the basis of this report."
Crude oil for January delivery rose 71 cents, or...