Oil tops $90 as US says crude stocks shrank

December 22, 2010 23:24

NEW YORK — Oil prices climbed past $90 on Wednesday as the US government reported a drop in the nation's crude stockpiles.

Benchmark oil for February delivery rose 66 cents to settle at $90.48 a barrel on the New York Mercantile Exchange.

In its weekly petroleum report, the US Energy Department's Energy Information Administration said crude supplies dropped by 5.3 million barrels last week from the week before. That's more than twice the decline expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. EIA said gasoline supplies grew by more than 2 million barrels.

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