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Oil prices rise as U.S. inventories fall

2019-01-17 08:37

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Oil prices rose slightly on Wednesday as moderate U.S. crude oil draw eased concerns over a global glut.

U.S. commercial crude oil inventories fell 2.7 million barrels last week, said the Energy Information Administration on Wednesday.

However, at 437.1 million barrels, U.S. crude oil inventories are about 8 percent above the five year average for this time of year.

The administration added that U.S. crude production rose to 11.9 million barrels per day last week.

The West Texas Intermediate for February delivery rose 0.2 U.S. dollar to settle at 52.31 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.68 dollar to close at 61.32 dollars a barrel on the London ICE Futures Exchange.
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