Oil prices up on lower US supplies

December 04, 2014 10:05

Oil prices rose in Asia today after a dip in US crude stockpiles raised optimism about energy demand in the world's top crude consumer during the winter season, analysts said.

US benchmark West Texas Intermediate for January delivery rose 33 cents to $67.71, while Brent crude for January gained 41 cents to $70.33 in late-morning trade.

The US Department of Energy said in its latest inventory report that crude stockpiles dropped 3.7 million barrels in the week ended November 28.

Analysts surveyed by the Wall Street Journal had predicted a rise of 600,000 barrels.

Daniel Ang, an investment analyst at Phillip Futures in Singapore, said the drop was supporting crude prices "slightly".

"Price consolidations seems to have ended," he said, referring to volatility in the crude market this week following a sharp sell-off.

Oil prices plunged last Thursday after the OPEC cartel announced it was maintaining its output despite global oversupply. Prices hit five-year lows Monday, with WTI as hitting $63.72 and Brent at $67.53, before rebounding.

Oil prices have fallen around 30 percent since late June, weighed down by concerns of a glut of crude on world markets and weak demand.

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