Oil rises 2%+ after Crude Inventory Report

Oil prices rose more than 2% on Friday after a better-than-expected US crude inventory report. Russia said it would continue its cooperation with OPEC to maintain the balance of the world oil market. US West Texas Intermediate (WTI) crude futures rose $ 1.90, or 3.4%, to $ 57.11 a barrel. The US Energy Information Administration said crude inventories in the United States rose by 1.4 million barrels last week.