Alexa

Oil prices up as supply falls for 4th week

Oil prices up as supply falls for 4th week

Oil prices edged above $79 a barrel Wednesday as America's crude stockpiles fell for the fourth week in a row.
Benchmark crude for February delivery added 74 cents to $79.61 a barrel on the New York Mercantile Exchange. In London, Brent crude for February delivery rose 65 cents to $78.29 a barrel on the ICE Futures exchange.
It is typical to see crude draws at this time of year because many companies empty out storage facilities for tax purposes. While supplies have fallen nearly 14 million barrels over the past four weeks, they remain relatively high compared with past years.
Most energy experts discounted oil prices that have risen every day this week because so many traders take the week off for the holiday.
In other Nymex trading, heating oil for January delivery added 1.53 cents to $2.1181 a gallon, and gasoline for January delivery added 2.97 cents to $2.0403 a gallon. Natural gas for February delivery gave up 3.6 cents to $5.804 per 1,000 cubic feet.