Posted AT 4:25 PM EST on 27/12/07
Oil price rises on ebbing inventories
NEW YORK — Oil futures rose Thursday after the U.S. government reported larger-than-expected declines in crude and heating oil inventories.
In its weekly inventory report, the Energy Department's Energy Information Administration said oil inventories fell by 3.3 million barrels last week, more than double the 1.3 million barrel decline analysts expected. Inventories of distillates, which include heating oil and diesel fuel, fell by 2.
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