Oil price rebounds on diminished crude supply
U.S. commercial oil supplies fell 1.2 percent to 335.3 million barrels last week, according to the Energy Department. The total is about 2.4 percent above year-ago levels.
Oil supplies have dropped in the past six to eight weeks, returning to a level that is closer to normal than it was early last fall.
Also, some positive economic data showed the economy continued to expand. The Institute for Supply Management, a trade group of purchasing executives, said Wednesday that its index of service sector activity rose to 57.1 in December, up from 55 the previous month. Any reading above 50 indicates growth.
The private sector added 297,000 jobs from November to December, according to a report from ADP, which was the highest number the payroll firm has ever reported.
Light, sweet crude for February rose 92 cents to 90.30 dollars a barrel on New York Mercantile Exchange.
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