Texas oil climbed 0.82% to $78.93

New York.- Texas Intermediate Oil (WTI) price opened Thursday 0.82% higher to $78.93 a barrel after a sharp decline in US crude inventories.

As of 9:00 am local time (2:00 pm GMT), WTI futures contracts for February delivery were up 64 cents from the previous day’s close.

The Energy Information Administration (EIA) reported on Wednesday a 5.9 million barrel drop in U.S. crude inventories for the week ending Dec. 16.

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Analysts polled by S&P Global Commodity Insights had expected crude inventories to rise by 600,000 barrels.

Earnings could be higher were it not for fears that oil consumption could be cut due to a major storm that could curtail Americans’ winter holiday travel.