Crude oil breaches $90 a barrel
Crude rose for a fourth day, advancing past $90 a barrel on signs that economic recovery in the US is eroding excess inventories. Futures climbed as much as 0.5% before a government report forecast to show US crude stockpiles declined for a third week. On Tuesday, industry data showed a reduction in supplies. The Commerce Department will probably say on Wednesday that the world’s biggest economy expanded more than estimated in the third quarter. Crude for February delivery rose as much as 55 cents to $90.37 a barrel in electronic trading on the New York Mercantile Exchange, the strongest since the two-year peak of $90.76 reached on December 7. The US GDP grew 2.8% in the third quarter, up from an estimate of 2.5% last month, based on the median forecast of economists in a survey.