The Canadian PressDecember 4, 2013 15:48
The price of oil rose for a fourth straight day as the government reported the first drop in crude oil supplies in 11 weeks.
Benchmark crude oil for January delivery rose $1.16 to $97.20 a barrel on the New York Mercantile Exchange. Oil has gained $4.90 a barrel, or 5.3 per cent, over the past four trading sessions.
The Energy Department said Wednesday that crude oil supplies decreased by 5.6 million barrels, or 1.4 per cent, last week, breaking a streak of 10 consecutive weekly increases. The decline was more than four times bigger than analysts had predicted.