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Oil prices stabilised on Friday and experienced a turbulent week before the New Year holiday, helped by the rise in the U.S. stock market, but fears of a global oversupply of crude oil put pressure on oil prices.
Brent crude oil futures rose $0.04 to close at $52.20 a barrel, down from a midday high of $53.80.
U.S. crude oil futures rose $0.72 to close at $45.33 a barrel, earlier peaking at $46.22 a barrel.
This week, the two benchmark crude oil futures fell for the third week in a row, Brent crude oil fell by about 3%, and U.S. crude oil fell by 0.4%.
Market participants said Friday's rise in the U.S. stock market pushed up oil prices. Oil prices are closely following Wall Street's trend, which has been volatile for several trading days this week.
Earlier this week, oil prices fell to their lowest level in a year and a half, falling by more than 20% in 2018, partly due to rising supply.
The American Energy Information Association (EIA) reported a 46,000 barrel decline in U.S. crude oil inventories as of December 21, down from the 2.9 million barrels expected by analysts surveyed by Reuters.
Gasoline inventories increased by 3 million barrels, far more than analysts expected by 28,000 barrels.
The decline in crude oil inventories "failed to stimulate a lot of buying interest," said Jim Ritterbusch, president of Ritterbusch and Associates. "Nevertheless, we believe that this data is supportive of oil prices, in addition to an increase of 3 million barrels in gasoline supply."
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