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Oil Prices Up On US Stocks Decline

World crude oil prices edged up Thursday

World crude oil prices edged up Thursday after a straight three-day decline.

New York's main contract, light sweet crude for delivery in March, edged up 7 cents to close at $62.62 a barrel.

In London, the price of Brent North Sea crude for March delivery fell 31 cents to close at $60.75 a barrel.

The U.S. Energy Department's Energy Information Administration said Thursday that U.S. natural gas storage fell by 38 billion cubic feet in week ending Feb. 3, a smaller drop than most analysts expected.

U.S. gasoline inventories jumped 4.3 million barrels, more than double analysts' consensus forecasts of a 1.6-million-barrel build, to 223.3 million in the week to February 3. U.S. crude inventories remain nearly 11 percent higher than year-ago levels, and distillate inventories are 12 percent higher, according to EIA's report released Wednesday.