Oil prices rose on Wednesday to continue their rally after data showed U.S. crude inventories fell more than expected last week, but a larger-than-expected increase in gasoline and distillate inventories limited gains.
Despite an increase in OPEC output, Brent crude futures rose 29 cents, or 0.4 percent, to $77.88 a barrel. U.S. West Texas Intermediate crude futures rose 29 cents, or 0.4 percent, to $72.53 a barrel.
Data from the American Petroleum Institute showed U.S. crude oil inventories fell by 5.2 million barrels in the week ended Jan. 5, compared with analysts' estimates of an increase of 700,000 barrels.
Source (Al-Arabiya.net Website, Edited)
