New York — Oil prices rose slightly Wednesday after US crude inventories declined for the eighth straight week and US crude production increased only slightly. Brent crude futures rose 19 cents to $52.06 a barrel by 2.37pm GMT, while US West Texas Intermediate crude futures were trading at $47.86, up 3 cents. US crude inventories fell 3.3-million barrels last week, compared with analyst expectations for a decrease of 3.5-million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell 503,000 barrels, the Energy Information Administration said. "Oil inventories continue their downward trend despite a significant increase in crude oil imports this week," said Andrew Lipow, president of Lipow Oil Associates in Houston, Texas. Still he said, the market is shrugging off the inventory draws, which are approaching 75-million barrels since March, plus another 15-million in the US Strategic Petroleum Reserve. "It continues to wait to see more confirmation from around the world that...
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