Dec. 22 (Bloomberg) -- Crude oil rose for a fourth day after a government report showed the U.S. economy grew at a 2.6 percent annual rate in the third quarter and stockpiles fell. Futures climbed as much as 0.7 percent after the Commerce Department revised its increase from a 2.5 percent estimate issued last month. An industry report yesterday showed supplies slipped a fourth week. The Energy Department will say today that inventories dropped 3.4 million barrels, according to a Bloomberg news survey. “We’re seeing oil grind higher along with the stock market on increasing optimism about the economy,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. “The markets are also tightening a bit.” Crude oil for February delivery rose 55 cents, or 0.6 percent, to $90.37 a barrel at 9:05 a.m. on the New York Mercantile Exchange. Futures reached $90.44, the highest level since the two-year peak of $90.76 reached on Dec. 7. Prices have climbed 14 percent this year. Brent crude oil for February settlement advanced 45 cents, or 0.5 percent, to $93.65 a barrel on the London-based ICE Futures Europe exchange. The contract touched $93.79, the most since Oct. 2, 2008. The industry-funded American Petroleum Institute said yesterday that U.S. crude-oil supplies declined 5.8 million barrels to 342 million last week. The Energy Department report, scheduled for release at 10:30 a.m. in Washington, will probably show that gasoline inventories increased 1.5 million barrels, according to the median of 14 analyst responses in the Bloomberg News survey. Respondents were split over whether supplies of distillate fuel, a category that includes heating oil and diesel, fell or gained. --Editors: Joe Link, Richard Stubbe To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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