Oil prices climbed on Wednesday as official data showed U.S. inventories fell more than expected last week.
U.S. commercial crude inventories declined by 1.9 million barrels in the week through Nov. 17, U.S. Energy Information Administration said in a weekly report on Wednesday. Market analysts had expected a decrease of 1.5 million barrels.
The falling U.S. crude stockpiles lowered investors' concerns over the global oversupply and thus supported the oil prices on Wednesday.
Meanwhile, a weak dollar boosted market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was down 0.66 percent at 93.330 in late trading.
The West Texas Intermediate for January Delivery added 1.19 dollar to settle at 58.02 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery gained 0.75 dollar to close at 63.32 dollars a barrel on the London ICE Futures Exchange.
U.S. commercial crude inventories declined by 1.9 million barrels in the week through Nov. 17, U.S. Energy Information Administration said in a weekly report on Wednesday. Market analysts had expected a decrease of 1.5 million barrels.
The falling U.S. crude stockpiles lowered investors' concerns over the global oversupply and thus supported the oil prices on Wednesday.
Meanwhile, a weak dollar boosted market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was down 0.66 percent at 93.330 in late trading.
The West Texas Intermediate for January Delivery added 1.19 dollar to settle at 58.02 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery gained 0.75 dollar to close at 63.32 dollars a barrel on the London ICE Futures Exchange.
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