| Oil extended its advance above $US60 a barrel on signs the US supply glut is easing. Futures gained as much as 1 per cent in New York, rising from the highest close since December. Crude inventories fell by 1.5 million barrels through May 1, the first drop in industry data in eight weeks, the American Petroleum Institute was said to have reported Tuesday.
An increase of 1.5 million barrels is forecast in a Bloomberg survey before a government report Wednesday. Oil is recovering from a six-year low in March as US companies reduced the number of active rigs to the fewest since September 2010, bolstering speculation that output will slow...............................................Full Article: Source
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