Oil prices rose this morning as US strong economic data overshadowed fears of a fall in demand in the world’s biggest oil consumer.
US crude futures increased by 32¢ to stand at $97.56 a barrel, and Brent crude rose by $3.09 to settle at $106.73, reports Reuters.
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Furthermore, US crude oil inventories fell heavily last week as imports fell and refiners drew down stocks for end-of-year tax purposes.
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