Oil Prices Rise Due to Decrease in U.S. Inventories

Oil prices have risen for the fourth consecutive day, amid a growing shortage of crude, heating oil, and jet fuel inventories in the United States, coinciding with a winter storm sweeping the country and an increase in travel during the holiday season. Brent crude futures increased by 44 cents, or 0.54 percent, to $82.64, extending gains of about 2.7 percent from the previous session. West Texas Intermediate crude futures rose by 49 cents, or 0.63 percent, to $78.78. Futures for both grades jumped yesterday after government data showed a much larger-than-expected decline in U.S. crude inventories, which fell by 5.89 million barrels for the week ending December 16. Additionally, distillate stocks, which include heating oil and jet fuel, decreased contrary to expectations of an increase.