Oil prices rise on report about decreasing US crude stocks

World oil prices are increasing on Dec.30 following a report on the falling US crude stocks.

The price of February futures for Brent crude oil rose by 0.56 percent and stood at $57.17 per barrel as of 01:16 EST. This is while the price of February futures for West Texas Intermediate (WTI) oil increased by 0.43 percent to $54 per barrel.

The US Department of Energy has said that the commercial crude stocks in the country (excluding the strategic reserve) rose by 0.6 million barrels to 486.1 million barrels over the week ending Dec.23. This is while the analysts were expecting this figure to reach 483.34 million barrels.