Reply #3: Oil rises above $73 after US crude supply drop

[ozymandius]

SINGAPORE – Oil prices rose above $73 a barrel Wednesday in Asia as an unexpected drop in U.S. crude supplies suggested demand may be recovering.
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U.S. crude inventories unexpectedly fell last week, the American Petroleum Institute said late Tuesday. Crude stocks fell 5.8 million barrels while analysts had expected an increase of 600,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Department's Energy Information Administration plans to announce its inventory report later Wednesday.
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In other Nymex trading in January contracts, heating oil rose 0.76 cent to $2.00 while gasoline gained 1.93 cents to $1.94. Natural gas fell 1.6 cents to $5.10 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices