Wednesday, December 16, 2009

Oil hovers near $71 amid US crude supply jump

Oil prices hovered near $71 a barrel Wednesday in Asia with gains tempered by a U.S. crude supply report that showed an unexpected rise in inventories last week.

Benchmark crude for January delivery was up 40 cents to $71.09 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract added $1.18 to settle at $70.69.

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