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Summary
Crude prices resumed their rally in Asian trade on Thursday after hitting fresh two-year highs the day before as the US hiked its economic growth figures and oil stockpiles fell, analysts said.New York's main contract, light sweet crude for February delivery, gained 20 cents to 90.68 dollars a barrel in the afternoon. Brent North Sea crude for delivery in February was up 14 cents to 93.79 dollars. Crude prices rose following the stronger than expected US GDP (gross domestic product) figures and a sharper-than-forecast 5.3 million barrel slide in US crude oil inventories, the Commonwealth Bank of Australia (CBA) said in a report.US officials on Wednesday revised up the rate of US economic growth in the third quarter to 2.6 percent from a previous estimate of 2.5 percent, pointing to an improving US recovery.
