Oil Prices Up on Decline in U.S. Supplies

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Oil futures prices rose for the third straight day on Wednesday after government data showed a decline in U.S. supplies of crude and heating oil and as cold weather gripped the U.S. Northeast, the world’s biggest heating fuel market.


Inventories of crude oil in the United States are 6 percent above year-ago levels even though the Energy Department reported Wednesday that supplies fell by 100,000 barrels last week to 293.8 million barrels. The nation’s supply of distillate fuel is 12 percent below levels a year ago.


U.S. light crude jumped $1.83, or 4.3 percent, to $43.65 a barrel, extending recovery of more than $3 from four-month lows seen on Monday. That’s still $12 below record highs hit in late October.


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