Oil rises on U.S. inventories, Q3 GDP

08:17, December 23, 2010      

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Crude prices on Wednesday rose for the fourth straight day and hit its 26-month high as U.S. weekly crude oil inventories dropped by 5.3 million barrels last week and GDP growth for the third quarter was revised higher to 2. 6 percent.

Light, sweet crude for February delivery rose 66 cents to 90.48 U.S. dollars a barrel on the New York Mercantile Exchange. It was the first time for crude oil to settle above 90 U.S. dollars a barrel since October 2008.

U.S. Energy Information Administration said that in the week ended December 17, oil stocks declined for the third straight week, down 5.3 million barrels to 340.7 million.

The Commerce Department revised the GDP growth up to an annualized rate of 2.6 percent from estimated 2.5 percent, marking a pickup in growth that may extend into 2011 and improving oil demand prospects.

Besides, the cold weather in Europe and United States also bolstered pre-holiday buying.

Brent North Sea crude for delivery in February climbed 45 cents to 93.65 dollars a barrel in London trade.

Source: Xinhua
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