Oil jumps 4% as US inventories fall

By FXStreet FXStreet (Córdoba) – Oil prices rose further on Wednesday after the US Energy Department reported crude inventories fell last week.

The US Energy Information Administration reported that crude oil inventories decreased by 5.9 million barrels in the week ended Dec 18, against expectations of a of 1.1 million barrels gain, while the American Petroleum Institute said late Tuesday that stockpiles dropped by 3.6 million barrels.

February West Texas Intermediate oil futures on the New York Mercantile Exchange spiked more than 4% to a high of $37.73 a barrel. Despite recent recovery, WTI futures were down by over 30% so far this year.

Meanwhile, Brent futures were also up by around 3% at $37.19 a barrel.
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Source:: FX Street