(Bloomberg) -- Crude oil rose more than $1.50 a barrel in New York, the biggest gain in two weeks, after the International Energy Agency said OPEC reduced supplies to a two- year low to cut world stockpiles.
March oil output by the Organization of Petroleum Exporting Countries, source of 41 percent of world supplies, fell by 165,000 barrels to 30.1 million barrels a day, the lowest since January 2005, according to the IEA, adviser to 26 fuel consuming nations. A report yesterday showed that U.S. gasoline supplies dropped and crude inventories rose on reduced refinery output.
Read more at Bloomberg Commodities News
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