Jan. 12 (Bloomberg) -- Crude oil rose a third day as global equities gained on speculation European officials are stepping up efforts to solve the debt crisis. Oil increased as much as 0.9 percent as European governments considered an aid package for Portugal. Alyeska Pipeline Service Co. started up its Trans Alaska pipeline and will operate the system at reduced rates for several days. An Energy Department report today may show that U.S. crude supplies slipped a sixth week, according to a Bloomberg News survey. “Money is coming back into the market,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “Stronger market fundamentals, the economic recovery and a rash of oil- field problems are pushing us closer to $100.” Crude oil for February delivery advanced 74 cents, or 0.8 percent, to $91.85 a barrel at 9:25 a.m. on the New York Mercantile Exchange. Futures are up 14 percent from a year ago. Brent crude oil for February settlement rose 43 cents, or 0.4 percent, to $98.04 a barrel on the London-based ICE Futures Europe exchange. The contract reached $98.46, the highest price since Oct. 1, 2008. U.S. oil stockpiles fell 1.4 million barrels from 335.3 million in the week ended Jan. 7, based on the median estimate of 17 analysts polled by Bloomberg News. Yesterday, the industry-funded American Petroleum Institute said supplies rose 57,000 barrels to 337.1 million. Gasoline stockpiles may have increased 2.1 million barrels from 218.1 million, the survey showed. Distillate fuel inventories, including heating oil and diesel, probably climbed 1 million barrels from 162.1 million. --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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