Oil prices rise over Libya exports’ cuts
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.
Oil prices briefly pared gains after the report, but rebounded to trade roughly in line with increases prior to the data release.