BUSINESS
12/07/2010 12:16 pm ET | Updated May 25, 2011

Oil Rises To 26-Month High Above $90 On U.S. Supply Forecast

Oil climbed above $90 a barrel to the highest price in two years before a report forecast to show that U.S. crude stockpiles fell for the first time in three weeks.

Futures rose as much as 1.5 percent to trade as high as $90.76 in New York. Inventories declined 1.5 million barrels, or 0.4 percent, in the seven days ended Dec. 3 from 359.7 million a week earlier, the Energy Department will report tomorrow, according to a Bloomberg survey.

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