Xinhua, New York :
Oil prices rallied on Wednesday, driven by latest data which showed a hefty drop in U.S. crude stocks.
The West Texas Intermediate for January delivery increased 2.33 U.S. dollars to settle at 58.43 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 2.18 dollars to close at 63 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased during the week ending Nov. 29, the U.S. Energy Information Administration said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.9 million barrels from the previous week. Analysts polled by FactSet forecast a fall of 1.4 million barrels.
The American Petroleum Institute on Tuesday reported that U.S. crude inventories fell by 3.72 million barrels last week.
Traders also awaited a meeting by the Organization of the Petroleum Exporting Countries (OPEC) and its allies later this week to see their next production policy.
Market participants and analysts speculated that producers are likely to keep or deepen current output curbs to support oil prices.
In July, OPEC and Russia, together with other non-OPEC members, agreed to extend a production cut of 1.2 million barrels a day for nine months.
Oil prices rallied on Wednesday, driven by latest data which showed a hefty drop in U.S. crude stocks.
The West Texas Intermediate for January delivery increased 2.33 U.S. dollars to settle at 58.43 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 2.18 dollars to close at 63 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased during the week ending Nov. 29, the U.S. Energy Information Administration said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.9 million barrels from the previous week. Analysts polled by FactSet forecast a fall of 1.4 million barrels.
The American Petroleum Institute on Tuesday reported that U.S. crude inventories fell by 3.72 million barrels last week.
Traders also awaited a meeting by the Organization of the Petroleum Exporting Countries (OPEC) and its allies later this week to see their next production policy.
Market participants and analysts speculated that producers are likely to keep or deepen current output curbs to support oil prices.
In July, OPEC and Russia, together with other non-OPEC members, agreed to extend a production cut of 1.2 million barrels a day for nine months.
