Oil Gains in New York on Shrinking Stockpiles, Iranian Risks - Businessweek

Jan. 19 (Bloomberg) -- Oil rose in New York on signs that the U.S. economic recovery is reducing the nation’s crude inventories, and on concern that tensions with Iran may lead to disruptions in exports from the Middle East.

Futures advanced as much as 1.2 percent after the American Petroleum Institute said crude inventories slid the most in six weeks in the seven days ended Jan. 13. Energy Department data today may show supplies climbed for a fourth week, according to a Bloomberg News survey of analysts before the API numbers were released. Iran’s ambassador to the United Nations said yesterday that closing the Strait of Hormuz, the passageway for about a fifth of the world’s oil trade, is an option if his country’s security is endangered.

via businessweek.com