National Petroleum Authority, Ghana

Oil rose to its highest in a week in New York on climbing equities and signs that crude inventories are contracting in the US, the world’s largest oil user. Crude traded near $78 a barrel as European stocks gained on stronger-than-estimated earnings at Apple Incorporated. Crude oil for September delivery advanced as much as 40 cents, or 0.5 percent, to $77.98 a barrel in electronic trading on the New York Mercantile Exchange, and traded for $77.86 at 8:58 a.m. in London. Brent crude oil for September settlement was at $76.50 a barrel, up 28 cents on the London-based ICE Futures Europe exchange. The American Petroleum Institute showed that crude supplies fell last week, and analysts predict the Energy Department will report an inventory decline later on Wednesday. The August contract expired in New York yesterday, up 90 cents at $77.44 a barrel, the highest daily settlement since June 28. The Stoxx Europe 600 Index rose 1.3 percent to 249.42 at 8:17 a.m. in London.