Oil edges up to three-month highs

By Trend

Oil prices rose on Friday to three-month highs after data showed U.S. crude inventories declined much more than expected and upbeat economic data and optimism over a U.S.-China trade deal improved investor sentiment, Trend reports citing Reuters.

Brent crude was up 31 cents at $68.23 a barrel at 10:47 a.m. CST (1647 GMT). West Texas Intermediate CLc1 was up 13 cents at $61.81 a barrel.

U.S. crude stocks fell by 5.5 million barrels in the week to Dec. 20 to 441.4 million barrels, the Energy Information Administration said on Friday. The inventory decline far exceeded the 1.7-million-barrel drop expected by analysts in a Reuters poll.

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