Oil prices rise as U.S. inventories drop

NEW YORK, Dec. 30 (Xinhua) -- Oil prices advanced on Wednesday after data showed a hefty drop in U.S. crude stockpiles.

The West Texas Intermediate for February delivery added 40 cents to settle at 48.40 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 25 cents to close at 51.34 dollars a barrel on the London ICE Futures Exchange.