Oil futures shook off concerns about a global surplus to end modestly higher in preholiday trade Wednesday, buoyed by a smaller-than-expected rise in crude-oil inventories and a further decline in the number of U.S. oil rigs.On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF6, +0.35% rose 17 cents, or 0.4%, to close at $43.04 a barrel, after trading as low as $41.72 earlier in the session. January Brent crude LCOF6, +0.15% on London’s ICE Futures exchange gained 5 cents a barrel, or 0.1%, to finish at $46.17 a barrel.
Earlier, crude trimmed losses after oil-field-services firm Baker Hughes said the number of active U.S. oil rigs fell by 9 in the latest week to 555. The number of rigs has fallen by 1,017 since the same time last year.
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