Aug. 20 (Bloomberg) -- Crude oil traded near the highest since June as the dollar dropped to a one-week low and U.S. inventories declined the most in 15 months. U.S. crude stockpiles dropped a more-than-expected 8.4 million barrels last week, the most since the week ended May 23, 2008, an Energy Department report showed yesterday. The dollar traded near a one-week low against the euro on speculation economic data will add to signs the global recession is easing. “We all were surprised by the big drop in U.S. crude inventories,” said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo. “But today is expiry and it remains to be seen if the October contract can get over $75. The drivers for crude oil still remain the dollar and the stock markets.” Crude oil for September delivery traded at $72.35 a barrel, down 7 cents, on the New York Mercantile Exchange at 11:27 a.m. Singapore time. Yesterday, the contract climbed $3.23, or 4.7 percent, to settle at $72.42, the highest settlement since June 11. Prices have increased 62 percent this year. The September contract expires today. The more-active October contract was at $73.59 a barrel, down 24 cents, at 10:09 a.m. Singapore time. Oil received “a shot of adrenaline” from the inventory report, said Mike Sander, an investment adviser with Sander Capital in Seattle. “Such a drop can partially be blamed on a 1.4 million barrel drop in oil imports.” The dollar traded at $1.4222 per euro at 11:34 a.m. in Singapore from $1.4224 in New York yesterday, when it fell 0.6 percent. The weaker dollar increased the appeal of commodities including oil as alternative investments. Oil Supplies U.S. oil imports slipped 1.41 million barrels a day to 8.11 million, the biggest drop and lowest rate since September when hurricanes struck the Gulf of Mexico coast. Crude inventories in the nation dropped to 343.6 million barrels, the Energy Department report showed. Crude-oil supplies were forecast to increase 1.2 million barrels, according to the median of 13 analyst responses in a Bloomberg News survey. Refineries operated at 84 percent of capacity last week, up 0.5 percentage point from the prior week, the department said. That’s down from 85.7 percent during the same period last year. Gasoline inventories dropped 2.18 million barrels to 209.8 million, the fourth-straight decline, according to the report. Supplies were 3.8 percent higher than revised numbers for a year earlier. Motor fuel stockpiles were forecast to decline 1 million barrels. Gasoline for September delivery was at $2.0390 a gallon, up 0.44 cent, in New York. The contract rose 3.44 cents, or 1.7 percent, to end the session at $2.0346 a gallon yesterday. Brent crude oil for October settlement was at $74.47 a barrel, down 12 cents, on the London-based ICE Futures Europe Exchange at 11:34 a.m. Singapore time. The contract rose $2.22, or 3.1 percent, to end yesterday’s session at $74.59 a barrel.

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