CRUDE OIL EDGES UP NEAR USD53 ON DEMAND OUTLOOK

Oil-Field

WASHINGTON (Alliance News) – Crude oil futures rebounded Thursday, as strong US GDP inflated the demand outlook.

West Texas Intermediate oil for February settled 46 cents, or 0.9%, higher at USD52.95/bbl.

US GDP growth was revised up to 3.5% rate in the third quarter, a better than expected result.

Meanwhile, a surprise build in US stockpiles was largely overlooked.

Crude inventories rose by 2.3 million barrels in the week to Dec. 16, compared with expectations for a decrease of 2.5 million barrels.

Copyright RTT News/dpa-AFX

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