Oil prices higher, but analysts wary on distillates spike

Crude oil prices rose in Asia trade Thursday morning after the U.S. government said its crude stockpiles fell by more than expected last week, but market optimism was overshadowed by significant growth in distillate inventories.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF6, +0.78%  traded at $37.44 a barrel, up $0.28 in the Globex electronic session. January Brent crude LCOF6, +1.00%  on London’s ICE Futures exchange rose $0.42 to $40.53 a barrel.

On Wednesday, the Energy Information Administration said U.S. crude-oil inventories fell 3.6 million barrels in the week ended December 4, snapping a streak of 10 consecutive weeks of increases. However, inventories remain at levels unseen in 80 years at 485.9 million barrels.

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