NEW YORK, Jan. 16 (Xinhua) -- Crude prices rose on Wednesday as U.S. oil inventories declined last week.
U.S. crude oil price rose above 94 dollars a barrel after the Energy Information Administration said on Wednesday that U.S. oil inventories fell 1.0 million barrels in the week ended Jan. 11 as oil imports dipped and the demand from refineries rose.
But the gasoline and distillates inventories increased by 1.9 million barrels and 1.7 million barrels, respectively.
The crude markets also got support from the rise of equities, boosted by upbeat banks' earnings reports.
On the economic front, a report from the Federal Reserve showed U.S. industrial output gained 0.3 percent in December for a second straight month. Besides, the NAHB Housing Market Index for January registered an unchanged reading of 47 from the previous month, short of market estimates.
But the demand concerns lingered. The World Bank downgraded the global GDP growth rate Tuesday to 2.4 percent in 2013, from a June forecast of 3 percent, citing austerity measures, high unemployment and low business confidence.
The latest data from Europe showed demand for new cars fell in December to the lowest level since 1995, adding to weak signs of the region's economy after Germany's economy shrank at the fastest pace in almost three years in the final quarter of 2012.
Light, sweet crude for February delivery added 96 cents, or 1. 03 percent, to settle at 94.24 dollars a barrel on the New York Mercantile Exchange.
Brent crude for February delivery rose moderately by 31 cents, or 0.28 percent, to close at 110.61 dollars a barrel.