In London, Brent February crude oil traded up 36 cents at $63.17 per barrel.
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Crude Oil Prices Inched Up on US Stocks Decline
Crude oil prices rose Wednesday after the government's weekly supply report showed a decline in US crude stocks
Crude oil prices rose Wednesday after the government's weekly supply report showed a decline in US crude stocks as cold weather begins to move across the nation ahead of holiday travelers which added to supply concerns.
Crude oil for January delivery rose 29 cents per barrel to $63.75 after the EIA report showed US stockpiles of oil fell 6.3 million barrels last week. The decline in crude oil supply levels was sharper than anticipated. Energy traders expected crude oil stocks to decline around 1.7 million barrels, but dense fog along the Gulf of Mexico coast forced refiners to draw on inventories last week, delaying imports.
In London, Brent February crude oil traded up 36 cents at $63.17 per barrel.
US crude oil imports averaged 8.9 million barrels per day last week, down 696,000 barrels per day from the previous week.
In London, Brent February crude oil traded up 36 cents at $63.17 per barrel.
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