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Biggest Weekly Rally of Crude in Three Months

January 5, 2013 at 3:50 by Vladimir Vyun

Crude oil rose yesterday, capping the biggest weekly gain in three months. Fuel prices rose as US nonfarm payrolls demonstrated robust growth, while US inventories of crude significantly shrank.

US employers added 155,000 jobs in December. That was not a huge increase, but a positive figure still. The unemployment rate stayed unchanged at 7.8 percent.

US crude oil stockpiles dropped as much as 11.1 million barrels to 359.9 million barrels last week from the week before. That is compared to the median forecast of a decrease by 700,000 barrels.

Crude oil (WTI) rose $0.17 (0.18 percent) to $93.09 per barrel on NYMEX yesterday, while this week’s advance was 2.5 percent, the strongest since September 14. Brent grade of crude oil fell $0.83 (0.74 percent) to $111.31 per barrel on ICE.

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