Oil rose after the International Energy Agency said oil stockpiles in industrialized countries are headed for their biggest decline in 10 years this quarter because of cold February weather and OPEC's supply cuts.
Crude supplies in the 30 member states of the Organization for Economic Cooperation and Development fell by 1.26 million barrels a day in January and February, the IEA said today in its monthly report. U.S. gasoline stockpiles probably fell 2.45 million barrels in the week ended March 9, according to a Bloomberg News survey of 12 analysts before a Department of Energy report tomorrow.
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