LONDON (SHARECAST) - Crude oil futures continued to rise on Wednesday with colder weather and the weaker dollar driving demand.
Crude oil for February delivery finished the day up $1.41 at $83.18 a barrel, its tenth consecutive day of gains.
Prices had fallen to $80.85 a barrel after a weekly inventory report showed a surprise increase in crude supplies.
Data from the Energy Information Administration showed US crude inventories rose last week by 1.3m barrels, despite analyst predictions of a 1.6m decline. The report also showed gasoline stockpiles rose by 3.7m barrels, much bigger than the 1.2m barrel increase pencilled in by analysts.
Distillates, used to make heating oil and diesel, declined by just 300,000 barrels, much less than predictions of a 1.8m barrel fall.
Pressure on oil prices was however short lived as traders focused on a further drop in temperature across the north east of the US and the weaker dollar.
Gold bagged its fourth straight day of gains on Wednesday as the dollar turned lower against major currencies and as inflation concerns resurfaced.
Comex gold for February delivery rallied $17.80 to $1,136.50 an ounce in New York Mercantile Exchange.
The yellow metal hit a high of $1,138.40 an ounce earlier in the session after upbeat jobs data underlined a positive economic outlook.
Among other metals silver for March silver rose 38 cents to $18.18 an ounce while April platinum rose $6.60 to $1,558.40 an ounce.
