New York oil prices rise for third straight day on falling U.S. gasoline inventories

New York oil prices rose for the third straight day on news that U.S. gasoline inventories fell unexpectedly, despite lingering concerns over global crude supplies.

West Texas Intermediate crude for December delivery, which is near-month, closed at $68.70 a barrel, up $0.27 and 0.39% from the previous session on the New York Mercantile Exchange, the highest since the close of the 8th.

Brent crude oil prices for January delivery, which are subject to international market comparisons, rose $0.28 and 0.39% to close at $72.56 a barrel, the third straight trading day higher.

The trend is attributed to a decrease of 4.47 million barrels in U.S. gasoline inventories in the week ended the 8th, contrary to market expectations for a 1 million barrel increase compared to the previous week.

However, the International Energy District said global crude supplies will exceed demand by more than 1 million barrels per day next year due to a "significant slowdown in China's economy," raising concerns over global crude supplies.