Oil prices higher after US energy report

6th November 2013, Comments 0 comments

Global oil prices jumped on Wednesday as official data revealed a smaller-than-expected increase for US crude inventories.

New York's main contract West Texas Intermediate (WTI) for delivery in December rallied $1.70 to $95.07 a barrel.

Brent North Sea crude for December gained 67 cents to $106 a barrel in late London deals.

The US Department of Energy said that crude inventories in the United States, the world's biggest consumer of energy, grew by 1.6 million barrels last week, less than market expectations for a rise of 1.9 million barrels.

Nevertheless it was a seventh straight week of rising crude stockpiles, again indicating weak demand in the world's biggest economy.

WTI oil prices meanwhile rebounded a day after slumping to a five-month low point as traders anticipated that the inventory report would show US supplies continuing to pile up.

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© 2013 AFP

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