Oil rose on Wednesday, driven by expectations for a decline in U.S. crude inventories and bringing price gains for December to 10 percent, which would be the strongest performance in the final month of the year in six years.
Brent crude oil futures were up 32 cents on the day at $55.67 a barrel by 1217 GMT, while U.S. crude futures rose 30 cents to $53.60 a barrel.
Hourly volume in the front-month contract was around 2,300 lots on Wednesday, compared with an average of 2,400 for hourly volume in the second half of December, according to trading data from the InterContinental Exchange.
An expected drop in U.S. crude stocks helped…. read more….