WASHINGTON (dpa-AFX) - Crude oil futures rose sharply Wednesday, even after the government reported a relatively small drawdown in U.S. oil stockpiles.
The Energy Information Administration said stockpiles dwindled by 1.9 million barrels for the week to November 17.
Yesterday, the American Petroleum Institute reported a much larger drawdown of 6 million barrels.
January West Texas Intermediate crude climbed by $1.19, or 2.1%, to settle at $58.02 a barrel on the New York Mercantile Exchange.
Prices have risen in anticipation of OPEC's November 30 meeting. The cartel is expected to extend its supply quota plan through 2018, but Russia may not follow suit.
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