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Oil prices rise amid drop in U.S. inventories

Dec 23, 2021

New York (US), December 23: Oil prices advanced on Wednesday after data showed a larger-than-expected drop in U.S. crude stockpiles.
The West Texas Intermediate for February delivery added 1.64 U.S. dollars, or 2.3 percent, to settle at 72.76 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 1.31 dollars, or 1.8 percent, to close at 75.29 dollars a barrel on the London ICE Futures Exchange.
The above market reactions came after the U.S. Energy Information Administration (EIA) on Wednesday said the nation's crude oil inventories decreased by 4.7 million barrels during the week ending Dec. 17. Analysts surveyed by S&P Global Platts had expected a decline of 3.9 million barrels in U.S. crude supplies.
At 423.6 million barrels, U.S. crude oil inventories are about 8 percent below the five year average for this time of year.
According to the EIA, total motor gasoline inventories increased by 5.5 million barrels last week, while distillate fuel inventories increased by 0.4 million barrels.
Source: Xinhua