Oil prices rise on falling inventories
Xinhua,December 29, 2017 Adjust font size:
NEW YORK, Dec. 28 (Xinhua) -- Oil prices climbed on Thursday as official data showed U.S. crude stockpiles decreased last week.
The Energy Information Administration said in a weekly report on Thursday that crude inventories fell by 4.6 million barrels as refineries hiked output in the week to Dec. 22, compared with analyst expectations for a decrease of 4.0 million barrels.
Oil prices were also supported as the U.S. dollar fell against other major peers on Thursday, as a weaker dollar made the dollar-priced commodity more attractive for buyers holding other currencies.
The West Texas Intermediate for February Delivery added 20 cents to settle at 59.84 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery gained 28 cents to close at 66.72 dollars a barrel on the London ICE Futures Exchange. Enditem