West Texas Intermediate rose for a third day amid forecasts crude stockpiles dropped last week for the first time since September in the U.S., the world’s biggest oil consumer. Futures climbed as much as 0.5 percent in New York after data yesterday showed U.S. manufacturing accelerated more than estimated. Crude inventories shrank by 700,000 barrels, the first decline in 11 weeks, according to a Bloomberg News survey before a government report tomorrow. The global oil market is “in equilibrium,” Saudi Arabian Oil Minister Ali al-Naimi said as the Organization of Petroleum Exporting Countries prepared to discuss its production quota in Vienna. “Economic recovery is with us,” said Jonathan Barratt , the chief executive officer of Barratt’s Bulletin in Sydney who forecasts investors may sell WTI contracts at $94.50 a barrel. “The inventory builds scared the market,” he said, predicting OPEC will maintain its output target. WTI for January delivery […]