Brent near $111 on uptick in China economy, US stock draw
Israel and Hamas to uphold a ceasefire agreement on Wednesday and commended the efforts of Egypt's Islamist President Mohamed Mursi and others for brokering the truce.
"As of this morning, the energy sector is outperforming the market due to higher energy prices despite the alleviation of some supply concerns for crude oil due to the ceasefire agreement in the Middle East,"
Miguel Audencial, a sales trader at CMC Markets, said in a note. "It appears that investors are not fully convinced that the temporary break of hostilities is a long-term solution to the conflict in the region."
FALLING STOCK
The latest data from the U.S. Energy Information Administration showed that U.S. crude and refined product stocks fell last week as plants processed more crude and imports dropped.
Total U.S. crude oil inventories fell 1.47 million barrels in the week to Nov. 16 to 374.47 million barrels, after analysts polled by Reuters had forecast a build of 900,000 barrels. U.S. inventories of distillates, which include diesel and heating oil, fell 2.68 million barrels to 112.84 million barrels, compared with forecasts for a smaller, 1.4-million-barrel drawdown.
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