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Crude Oil Fails To Hold $64 But Ends Higher

Crude oil futures surged again Thursday, blasting through $64 a barrel as the dollar weakened versus major rivals.

Energy prices have spiked in recent weeks amid speculation that OPEC will curb production in 2018 and re-balance the global oil markets.

Feb. WTI oil gains 23 cents, or 0.4%, to settle at $63.80/bbl, having briefly jumped above $64.

U.S. crude inventories fell 4.9 million barrels last week, the EIA said yesterday, more than the 3.9-million decline forecast. It was the eight week in a row that inventories dwindled.

A report released by the Labor Department on Thursday unexpectedly showed a modest decrease in producer prices in the month of December.

The Labor Department said its producer price index for final demand edged down by 0.1 percent in December after climbing by 0.4 percent in November. Economists had expected prices to rise by 0.2 percent.

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