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Declining stockpiles push oil up Declining stockpiles push oil up
(about 5 hours later)
Oil prices rallied towards $65 a barrel for the first time since November after a decline in US stockpiles.Oil prices rallied towards $65 a barrel for the first time since November after a decline in US stockpiles.
Commercial crude inventories fell by 5.4m barrels last week as refiners ramped up operations, the Energy Information Administration said.Commercial crude inventories fell by 5.4m barrels last week as refiners ramped up operations, the Energy Information Administration said.
In afternoon trading, US light sweet crude was up $1.16 at $64.61 a barrel, after briefly touching $64.99. US light crude oil closed Thursday trading up $1.63 to $65, while London's Brent added $1.89 to $64.39.
It had earlier fallen to $63.24 as a meeting of the oil producers' cartel Opec decided to keep output unchanged. Before the release of the US data oil prices had fallen due to Opec deciding to keep output unchanged.
The Saudi oil minister has predicted oil prices will reach $75 this year.The Saudi oil minister has predicted oil prices will reach $75 this year.
David Hart, oil analyst at Hanson Westhouse, agrees that the oil price will rise in the second half of 2009.David Hart, oil analyst at Hanson Westhouse, agrees that the oil price will rise in the second half of 2009.
"Previously announced Opec supply cuts should begin to make some headway into reducing elevated stockpiles of crude," he said."Previously announced Opec supply cuts should begin to make some headway into reducing elevated stockpiles of crude," he said.
"Economic growth also stands a chance of beginning again by year end, which would also lend support.""Economic growth also stands a chance of beginning again by year end, which would also lend support."
Opec had previously undertaken to cut output by 4.2 million barrels per day from production levels in September of last year.Opec had previously undertaken to cut output by 4.2 million barrels per day from production levels in September of last year.