Oil prices rise amid declining US inventories

New York: Oil prices rallied for a second session after government data showed the US oil stockpiles decreased last week.

The West Texas Intermediate for November delivery on Thursday added 98 US cents to settle at $46.32 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 78 cents to close at $47.65 dollars a barrel on the London ICE Futures Exchange, Xinhua news agency reported.