Oil rose for a second day on speculation that a government report today may show a smaller increase in crude inventories than previously forecast. U.S. crude stockpiles fell 7.31 million barrels last week, the industry-funded American Petroleum Institute reported yesterday, which may lead traders to revise expectations for U.S. Energy Department data due today. “The API drawdown was massive,” said Thina Saltvedt, a commodities analyst at Nordea Bank AB in Oslo. “The DOE and API often go in the same direction but the sizes are different. But there’s more than enough oil in the market.” Crude for October delivery on the New York Mercantile Exchange gained as much as 60 cents, or 0.8 percent, to $75.27 a barrel, and traded for $75.98 as of 11:24 a.m. London time. Brent crude for October settlement was up 6 cents at $78.23 a barrel on the London-based ICE Futures Europe exchange. Brent cost $3.15 a barrel more than Nymex futures today. The difference was at $3.65 on Sept. 7, the widest spread between the two exchanges’ most-active contracts since May 20.