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Oil prices rise on U.S. supplies

English.news.cn   2013-12-04 05:40:19            

NEW YORK, Dec. 3 (Xinhua) -- Oil prices continued to rise Tuesday amid forecasts that U.S. crude inventories would slid for the week ended Nov. 29.

U.S. Energy Information Administration (EIA), the Energy Department's statistical arm, Wednesday will release its report covering U.S. crude supplies of last week.

Traders expected that U.S. crude stockpile last week probably would decrease 500,000 barrels to 390.9 million barrels. The consensus offered support to the oil market.

The Organization of Petroleum Exporting Countries (OPEC) will meet in Vienna Wednesday to decide its oil output. Analysts expected that OPEC will maintain its output ceiling of 30 million barrels per day.

Ahead of the meeting, Saudi Arabia, the world's leading oil exporter, said it was satisfied with current prices and supply-and- demand level. Kuwait also said it did not anticipate OPEC to alter the production level.

Oil prices were also underpinned by the better-than-expected manufacturing PMI figures from the United States and China, the top energy consumers of the world.

U.S. manufacturing sector expanded in November for the sixth consecutive month, said the U.S. Institute for Supply Management on Monday. Data also showed that China's manufacturing activity in November maintained the strong pace.

Light, sweet crude for January delivery gained 2.22 dollars to settle at 96.04 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery moved up 1.29 dollars to close at 112.74 dollars a barrel.

Editor: Mu Xuequan
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