Oil Gains for Second Day on API Stockpile Drop, Weaker Dollar - Bloomberg

May 13 (Bloomberg) -- Oil rose for a second day after anindustry group reported U.S. crude stockpiles dropped for thesecond week in a row and the dollar declined.

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Oil supplies fell 3.13 million barrels to 370.7 millionlast week, the American Petroleum Institute said late yesterday.Additional support for crude prices came as the dollar fell tothe lowest level against the euro since March, bolstering demandfor commodities as an alternative investment. “We saw some gains in the price in reaction to the APIdecrease,” said Ken Hasegawa, a commodity derivative salesmanager at brokers Newedge in Tokyo. “$60 is the mainresistance so it may be tough to go higher.” Crude oil for June delivery rose as much as $1.05, or1.8 percent, to $59.90 a barrel, and traded at $59.63 on the NewYork Mercantile Exchange at 3:31 p.m. in Singapore. Yesterday,it climbed as much as 2.7 percent to $60.08 a barrel beforeclosing at $58.85, the highest settlement since Nov. 11.

Full Story: Oil Gains for Second Day on API Stockpile Drop, Weaker Dollar - Bloomberg