Crude prices climb from 5-year low

Oil prices advanced from a five- year low Wednesday as traders speculated that excessive supplies will decline amid the low prices.

Crude prices jumped about 5 percent, then pared earlier gains after the U.S. Energy Information Administration (EIA) reported a supply increase at the U.S. storage hub at Cushing, Oklahoma.

The EIA said Wednesday for the week ending Dec. 12, U.S. crude stockpiles fell 0.8 million barrels to 379.9 million, while inventories at Cushing, the delivery point for contracts, increased 2.9 million barrels to 27.8 million barrels.

Russia Energy Minister Alexander Novak said Tuesday crude output from Russia, oen of the world's largest crude producers, will maintain its crude output of 10.6 million barrels a day in 2015.

"The price will stabilize itself. Some investment projects by oil companies may be reconsidered, but so far they have not adjusted anything," Novak told reporters at a meeting in Doha, Qatar.

The oil prices fell to the five-year low Tuesday as there was no sign that producers would cut production in response to the slump.

Suhail Al-Mazrouei, energy minister of the United Arab Emirates, said Sunday that the Organization of Petroleum Exporting Countries will refrain from cutting output even if prices fall as low as 40 dollars.

Light, sweet crude for January delivery moved up 54 cents to settle at 56.47 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery gained 1.17 dollars to close at 61.18 dollars a barrel.