Oil prices rose this morning on a draw in US oil stocks and hopes of a recovery in demand.
Brent crude oil futures increased by 76¢ to stand at $111.42 and US crude gained 91¢ to $101.50.
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US oil inventories fell by 4.8 million barrels in the week to 13 January, contrary to analysts’ expectations for a 2.8-million-barrel build, reports Reuters.
Prices were supported by news that the International Monetary Fund would raise more money to help resolve Europe’s debt crisis. Meanwhile, there is a steady demand growth for oil amid supply concerns as tensions with Iran rise.
