Oil prices were near $71 a barrel Wednesday, after rising for the first time in 10 days, on a report that U.S. factories churned out more goods in November than anticipated, a signal that fuel demand will increase.
Crude Oil traded at $70.78 a barrel, up 9 cents. Yesterday, the commodity rose $1.18, or 1.7%, to settle at $70.69. Oil gains were pared after the American Petroleum Institute reported yesterday that crude inventories rose by 924,000 barrels last week.
Crude Oil posted a 1.7% gain, ending a 9-session losing streak, as the Organization of Petroleum Exporting Countries (OPEC) lifted its global demand forecast. Traders also bet on a drop in U.S. inventories but the API estimated these rose by 924,000 barrels last week. The Energy Information Administration will release its more closely followed report Wednesday at 15:30 GMT.