NEW YORK, Nov. 2 (Xinhua) -- Oil prices climbed on Wednesday, buoyed by a larger-than-expected drop in U.S. crude stockpiles.
The West Texas Intermediate for December delivery increased 1.63 U.S. dollars, or 1.8 percent, to settle at 90 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery rose 1.51 dollars, or 1.6 percent, to settle at 96.16 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) reported on Wednesday that the nation's commercial crude oil inventories decreased by 3.1 million barrels during the week ending Oct. 28. Analysts surveyed by S&P Global Commodity Insights had expected U.S. crude supplies to show a decline of 1.6 million barrels.
According to the EIA, total motor gasoline stocks fell by 1.3 million barrels last week, while distillate fuel inventories increased by 0.4 million barrels.
Traders also looked to the Federal Reserve as the U.S. central bank on Wednesday lifted interest rates by 75 basis points, continuing its aggressive campaign against persistent inflation.
