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.

U.S. crude oil inventories decreased by 6.1 million barrels during the week ending Dec. 25, the U.S. Energy Information Administration (EIA) reported on Wednesday.

According to the EIA, total motor gasoline inventories decreased by 1.2 million barrels last week and were about 1 percent above the five-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.

Prices also found some support from a weaker U.S. dollar.

The dollar index, which measures the greenback against six major peers, decreased 0.36 percent at 89.6700 in late trading on Wednesday.