Oil prices rose today after US data showed a draw in healthy crude oil and heating oil inventories ahead of winter in the world's top energy consumer.
US crude CLc1 was trading 38 cents higher at US$62.81 a barrel at 1811 GMT. European benchmark Brent crude LCOc1 rose
53 cents to US$63.85.
US government data showed crude stocks fell by 1.1 million barrels against expectations for a 200,000-barrel increase. Stockpiles are still near their highest levels since 1991 for this time of year.
Distillate inventories declined by 400,000 barrels, slightly below analyst expectations, while stocks of petrol fell by 1.1 million barrels in contrast to calls for a build.
Many analysts and traders have predicted prices would struggle to sustain gains that last week pulled the market out of a two-month trading range of roughly US$56-$62 a barrel.
The prospect of a further output cut by the Organisation of the Petroleum Exporting Countries is providing some support, however.
Opec agreed in October to reduce supplies by 1.2 million barrels per day Nov. 1 and most Opec ministers have said they see the need for another cut when they meet in Abuja on Dec. 14.
Exports by the cartel fell 1.5 million bpd in November, New York consultancy PIRA Energy said on Wednesday, adding that by the end of the month shipments reached their lowest level since fall 2004.
"There has been a temporary rebound on a combination of Opec's intervention in the market and a seasonal increase in demand," said Eoin O'Callghan of BNP Paribas.
But he said high inventory levels and the threat of economic weakness in the United States were among the factors that could erode gains.
After a cold snap, the forecasts for a return of warmer weather to the United States this weekend were also expected to limit any price rise.
- REUTERS
