Oil rises on inventories declines, positive data

NEW YORK, Nov. 21 (Xinhua) -- Crude prices rose as U.S. crude inventories fell last week and positive data boosted optimism about U.S. economy, despite the announcement of cease-fire between Israel and Hamas.

Crude prices got boosted as the U.S. Energy Information Administration reported an unexpected drop in U.S. oil inventories. Data showed crude stocks dropped 1.5 million barrels in the week ended Nov. 16, as both imports and demand from refineries dropped in the week. Besides, stocks of gasoline and distillates also fell 1.5 million barrels, 2.7 million barrels respectively.

On the economic front, flash U.S. Markit Manufacturing PMI rose a solid 1.4 points to 52.4 in November, indicating manufacturing grew at its fastest pace in five months. The Leading Indicator in October rose 0.2 percent. Initial jobless claims dropped 41,000 to 410,000 last week, adding positive signs to U.S. economic recovery.

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