Oil Rises Following Biggest Drop in Three Months
Oil rose in early trading Wednesday to just over $106 a barrel following the biggest drop in three months on Tuesday, Bloomberg reported.
Crude futures fell $2.48 on Tuesday, the biggest decline in three months, to finish the New York Mercantile Exchange trading day at $105.61 a barrel.
The drop was due in part to Saudi Arabia saying it would boost output by 25% immediately if necessary, Bloomberg said.
The early rise Wednesday was in advance of a decline in crude, gasoline and distillate inventories, Bloomberg reported, citing an American Petroleum Institute report.
The Department of Energy will release its weekly report on inventories Wednesday morning in Washington.
