Oil prices rose slightly this evening as the market considered cold weather in the US and US government figures showing lower crude and fuel stockpiles.
Data from the US Energy Information Administration showed crude oil stockpiles across the world's top energy consumer fell by 1.5 million barrels in the week to December 25, compared with analysts' expectations for a drop of two million barrels.
US crude rose 16 cents to $79.03 a barrel in thin pre-holiday trade after touching a five-week high the previous day. London Brent rose 42 cents to $78.06.
Support for crude prices came as cold weather hit the US Northeast, the world's largest heating oil market. Temperatures were expected to remain unseasonably cold for the next 48 hours, according to forecasts.
Oil prices are now trading at roughly double the levels seen this time last year, when they dipped below $40 a barrel.
