Mubasher: US crude oil inventories marked the eighth consecutive decline in the week ended 5 January.

Inventories fell by 4.9 million barrels to 419.5 million barrels last week, according to data released by the US Energy Information Administration (EIA) on Wednesday.

Analysts had forecasted a slighter decline of 3.9 million barrels.

However, total motor gasoline inventories increased by 4.1 million barrels during the week, standing near the top end of the average range.

By 03:31 pm GMT, Nymex crude futures grew 0.33% to $63.17 per barrel (pb), while Brent crude inched up 0.06% to $68.86 pb.