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Oil Rises for Third Day as Crude, Diesel Inventories Decline

12/21/2011 4:40:00 AM
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Larry Smith/Trans Pixs

Oil rose for a third day Wednesday as a Department of Energy report showed crude inventories plunged last week, Bloomberg reported.

Crude futures rose $1.50 to $98.72 a barrel following DOE’s report that showed supplies fell by 10.6 million barrels last week.

It was the biggest inventory decline in a decade, Bloomberg said.

Gasoline supplies fell 400,000 barrels last week, while distillate supplies, which include diesel, fell by 2.4 million barrels, DOE said in its weekly report.

After closing at a six-week low Friday of $93.53 on the New York Mercantile Exchange, oil rose slightly on Monday and more than $3 Tuesday to $97.22, Bloomberg figures showed.

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Emil Estafanous, CPA, CFF, CGMA