NEW YORK, Nov. 18 - Crude prices rose for the third straight session on Wednesday as a survey showed people would probably drive more during the Thanksgiving holiday.
Light, sweet crude for December delivery gained 44 cents to settle at 79.58 U.S. dollars a barrel on the New York Mercantile Exchange.
AAA, the national wide auto club in the United States, released its report based on a telephone survey, which showed 33.2 million people would hit the road and drive at least 50 miles over the Thanksgiving weekend, starting next Wednesday through Sunday. AAA said the 2.1-percent increase was a sign that consumers are more confident in the economy.
Meanwhile, moderate drops in both crude and fuel inventories also helped push oil prices higher. According to the U.S. Energy Department's Energy Information Administration (EIA), crude stockpiles decreased by 0.9 million barrels for the week ended Nov.13 while gasoline inventories dropped by 1.7 million barrels.
However, oil's advance was capped as the EIA said American petroleum demand tumbled to its lowest level in four months.
In London, Brent Crude for January delivery rose 53 cents to 79.50 dollars a barrel on the ICE Futures exchange.
Light, sweet crude for December delivery gained 44 cents to settle at 79.58 U.S. dollars a barrel on the New York Mercantile Exchange.
AAA, the national wide auto club in the United States, released its report based on a telephone survey, which showed 33.2 million people would hit the road and drive at least 50 miles over the Thanksgiving weekend, starting next Wednesday through Sunday. AAA said the 2.1-percent increase was a sign that consumers are more confident in the economy.
Meanwhile, moderate drops in both crude and fuel inventories also helped push oil prices higher. According to the U.S. Energy Department's Energy Information Administration (EIA), crude stockpiles decreased by 0.9 million barrels for the week ended Nov.13 while gasoline inventories dropped by 1.7 million barrels.
However, oil's advance was capped as the EIA said American petroleum demand tumbled to its lowest level in four months.
In London, Brent Crude for January delivery rose 53 cents to 79.50 dollars a barrel on the ICE Futures exchange.
