July 16 (Bloomberg) -- Crude oil rose for a second day as equities climbed and a government report showed a bigger-than-forecast drop in oil supplies in the U.S., the world’s largest energy consumer.“The huge rally across the board in equities helped boost crude oil,” said Mike Sander, an investment adviser with Sander Capital in Seattle. “The weekly EIA report showed a drop in crude oil inventories by 2.8 million barrels which lent support to higher crude prices as well.”
Crude oil for August delivery rose as much as 47 cents, or 0.8 percent to $62.01 a barrel on the New York Mercantile Exchange. The contract was at $61.80 at 9:54 a.m. Sydney time. Yesterday, it gained $2.02, or 3.4 percent, to settle at $61.54.
Crude stockpiles were forecast to decline 2.1 million barrels, according to analysts surveyed by Bloomberg News. Refineries operated at 87.9 percent of capacity, the highest since August.