Oil prices rise over Libya exports’ cuts

The Libyan oil output has been hindered by protests 

Oil prices rose on Wednesday, supported by a report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output.

U.S. commercial crude inventories fell by 1.2 million barrels in the week through Dec. 7, the U.S. Energy Information Administration reported. Analysts in a Reuters poll had expected a decrease of 3 million barrels.

The drop was also far less than the American Petroleum Institute indicated on Tuesday. API had reported that U.S. crude inventories dropped by 10.2 million barrels last week.

Oil prices briefly pared gains after the report, but rebounded to trade roughly in line with increases prior to the data release.

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