?Oil prices rose Wednesday after a government report showed a dramatic drop in U.S. crude supplies.
Benchmark crude rose $1.43 to finish at $98.67 a barrel in New York. Brent crude was up 98 cents, ending at $107.71 a barrel in London.
Oil inventories typically fall at the end of the year because refiners draw down their inventories for tax reasons, but Wednesday's drop was far larger than analysts expected.
The Energy Information Administration said Wednesday that inventories fell by 10.6 million barrels. Analysts on average forecast a drop of 2.3 million barrels, according to Platts, the energy information arm of McGraw-Hill.
Phil Flynn, an analyst at PFG Best in Chicago, said inventory declines in recent weeks have been slower than normal, so refiners were likely playing catch-up. "They are hiding it from the tax man," he said.
After the first of the year, refiners will start building up their supplies again.?
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Source: http://www.oilandgaseurasia.com/news/p/0/news/13769/
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