Oil prices rose on Thursday as official data showed U.S. crude inventories declined last week.
U.S. commercial crude stockpiles fell by 7.4 million barrels in the week through Dec. 29, the U.S. Energy Information Administration said in its weekly report on Thursday. Economists had projected that crude in U.S. storage would decline by 5.7 million barrels.
Meanwhile, freezing weather in the United States spurred short-term demand, especially for heating oil.
The West Texas Intermediate for February delivery added 0.38 dollar to settle at 62.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery gained 0.23 dollar to close at 68.07 dollars a barrel on the London ICE Futures Exchange.
U.S. commercial crude stockpiles fell by 7.4 million barrels in the week through Dec. 29, the U.S. Energy Information Administration said in its weekly report on Thursday. Economists had projected that crude in U.S. storage would decline by 5.7 million barrels.
Meanwhile, freezing weather in the United States spurred short-term demand, especially for heating oil.
The West Texas Intermediate for February delivery added 0.38 dollar to settle at 62.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery gained 0.23 dollar to close at 68.07 dollars a barrel on the London ICE Futures Exchange.
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