New York oil prices rise in 3 days on surging U.S. crude exports

New York oil prices rose on news of a significant increase in U.S. weekly crude exports.

On the New York Mercantile Exchange, West Texas Intermediate for January delivery closed at $70.58 a barrel, up $0.5 and 0.71% from the previous session.

Brent crude prices for February delivery, which are subject to international market comparisons, closed at $73.39 a barrel, up 0.2 and 0.27% from the previous session, the first rise in three trading days with West Texas Intermediate crude.

The U.S. Energy Information Administration said U.S. crude exports rose to 4.85 million barrels per day, up 1.79 million barrels from the previous week, the highest since the last week of July, turning to a three-week increase."As optimism grows for demand, the New York oil market seems to have moved away from the negative atmosphere that has been going on for weeks,"

Price Futures Group said.