WASHINGTON -- Crude oil prices rose yesterday after the US government's weekly petroleum report showed a decline in domestic inventories of distillate fuel, which include heating oil and diesel.
February light sweet crude rose 47 cents to settle at $58.56 a barrel on the New York Mercantile Exchange. February Brent crude futures on London's ICE Futures exchange rose 55 cents to settle at $56.72 a barrel.
The Energy Information Administration said US inventories of distillate fuel fell by 2.8 million barrels to 127.7 million barrels, or 2 percent above year-ago levels.
Gasoline inventories declined by 300,000 barrels to 204.1 million barrels, or 5 percent below year-ago levels.