Crude oil rose for a second day on speculation China will widen efforts to bolster economic growth, boosting demand from the world’s second-largest energy consumer. Chinese Premier Wen Jiabao may announce new stimulus measures tomorrow, adding to a 4 trillion yuan ($585 billion) spending plan, an official said. The Organization of Petroleum Exporting Countries, due to meet again on March 15, probably cut output by 2.7 percent in February as producers tried to stem price declines, a Bloomberg News survey showed. “Most of the firepower behind the expansive fiscal and monetary resources now being unleashed on a global basis has yet to fully work its way through the system,” said Edward Meir, an analyst at MF Global Ltd. in Connecticut. “Nervousness ahead of the OPEC meeting had to be constructive and should remain so.” Crude oil for April delivery was at $43.23 a barrel, $1.58 higher, in electronic trading on the New York Mercantile Exchange at 12:17 p.m. London time. It earlier climbed as much as $1.92, or 4.6 percent, to $43.57 a barrel. Prices have dropped 57 percent from a year earlier. The MSCI World Index of equities added 0.5 percent to 709.17 at 12:06 p.m. in London. The Energy Department is scheduled to release its weekly report at 10:30 a.m. in Washington today. U.S. oil supplies probably rose last week as imports climbed and refineries ramped up operating rates, a Bloomberg News survey showed. Stockpiles Gained Stockpiles increased 1 million barrels in the week ended Feb. 27 from 351.3 million the week before, according to the median of eight estimates by analysts. It would be the 20th gain in 23 weeks. Refineries probably operated at 81.9 percent of capacity, up 0.5 percentage point from the week before, the survey showed. Gasoline stockpiles probably dropped 750,000 barrels from 215.3 million in the prior week, according to the survey. Supplies of distillate fuel, a category that includes heating oil and diesel, probably fell 1.35 million barrels from 141.6 million. Brent crude oil for April settlement rose $1.10 to $44.80 a barrel on London’s ICE Futures Europe exchange as of 12:17 p.m. local time. “The only fundamental factor supporting oil prices is the supply cuts by OPEC, which are showing real results,” said Gerrit Zambo, an oil trader at BayernLB in Munich. “The probability is the next break-out will be to the downside and break the $40 barrel mark.” Production from OPEC averaged 27.78 million barrels a day last month, down 770,000 from January, according to the survey of oil companies, producers and analysts. Output in January was revised 20,000 barrels a day lower. The survey showed the 11 OPEC members with output quotas, all except Iraq, produced 545,000 barrels a day above the target of 24.85 million barrels a day. The countries pumping the most over their targets were Iran, Angola and Libya. To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

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