Oil rose to a fresh 26-month high on reports that crude stocks shrank and the economy accelerated in the US, the world’s largest petroleum consumer.
Nymex February West Texas Intermediate crude rose 48 cents to $90.30 a barrel, trading above $90 for the third time this year. ICE February Brent rose 42 cents to $93.62.
The gains came as the US government reported commercial crude inventories fell by 5.3m barrels last week, largely along the Gulf of Mexico and Pacific coasts. US refineries were processing 6.4 per cent more crude than a year ago, while demand for petrol and distillate fuels showed annual growth.
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