Crude oil traded near a seven-month high in New York on expectations that fuel demand will rise amid signs the global economy is improving. Sales of previously owned homes in the U.S., the world’s biggest oil consumer, climbed 6.7 percent in April, more than forecast, while Australia’s economy unexpectedly grew 0.4 percent in the first quarter. U.S. crude oil stockpiles fell 828,000 barrels to 363.9 million last week, the industry-funded American Petroleum Institute said late yesterday. “The oil price wouldn’t be where it is if people didn’t have a view that the international economic situation has improved somewhat,” said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. “The API data showed a moderate fall in supplies and that’s helpful for prices.” Crude oil for July delivery was at $68.65 a barrel, up 10 cents, on the New York Mercantile Exchange at 1:48 p.m. Singapore time. The contract earlier fell as much as 57 cents, or 0.8 percent, to $67.98 a barrel. Futures reached $69.05 a barrel during yesterday’s trade, the highest since Nov. 5. Prices are up 54 percent this year. Oil futures have gained as investors are seeking alternative investments and hedges against a declining dollar. The euro gained for a fourth day versus the dollar yesterday as the Russian government said emerging-market leaders may discuss the idea of a supranational currency at a meeting this month. The dollar was at $1.4320 per euro today after falling as low as $1.4331 yesterday, the weakest level since Dec. 29. U.S. Stockpiles U.S. crude-oil stockpiles probably dropped 1.5 million barrels in the week ended May 29 from 363.1 million the previous week, according to the median of 15 estimates by analysts before an Energy Department report tomorrow. Inventories are likely to have fallen as refiners increased operations to meet demand during the summer driving season. Stockpiles of gasoline probably rose 650,000 barrels from 203.4 million the prior week, according to the survey. Supplies of distillate fuel, a category that includes diesel and heating oil, increased 900,000 barrels from 148.4 million. Oil-supply totals from the API and DOE moved in the same direction 76 percent of the time over the past four years, according to data compiled by Bloomberg. API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey. Sunoco Restart Sunoco Inc., the largest refiner in the U.S. Northeast, plans to restart a gasoline-making unit at the Marcus Hook refinery this week, a person familiar with plant operations said yesterday. The company, which shut the fluid catalytic cracker after a May 17 explosion and fire in the plant’s ethylene unit, intends to start the unit by mid-week, said the person, who declined to be identified. Thomas Golembeski, a Sunoco spokesman, didn’t return a telephone call and an e-mail seeking comment. Brent crude for July was at $68.35 a barrel, up 18 cents, on London’s ICE Futures Europe exchange at 1:34 p.m. Singapore time. It earlier fell as much as 44 cents, or 0.7 percent, to $67.73 a barrel. Yesterday, the contract rose 20 cents, or 0.3 percent, to $68.17 a barrel, the highest settlement since Oct. 21.

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