Oil Prices Up On Lower U.S. Crude Stocks, But Growing Output Caps Gains

Oil markets rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though climbing output capped prices well below the 2015 highs reached earlier this week.

U.S. West Texas Intermediate (WTI) crude futures were at $56.77 a barrel at 00344 GMT, up 17 cents, or 0.3 percent, from their last settlement.

Brent crude futures, the international benchmark for oil prices, were at $62.81 a barrel, up 37 cents, or 0.6 percent from their last close.

U.S. crude oil stockpiles fell by 5.1 million barrels in the week to Dec. 8, the fourth consecutive week of declines, to 442.99 million barrels, the lowest since October, 2015.

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Suhani Verma

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