Oil Posts First Increase in Eight Days, Closes at $63.97

September 13, 2006 3:00 PM, EDT

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rude oil futures rose for the first time in eight days, climbing 21 cents to close at $63.97 on the New York Mercantile Exchange, Bloomberg reported Wednesday.

The increase follows news that U.S. oil reserves declined 2.9 million barrels to 327.7 million barrels for the week ended Sep. 8, exceeding the drop economists had predicted, Bloomberg said.

U.S. crude supplies remain 11.7% above the five year average, according to Bloomberg.

Oil prices also rose in response to U.S. calls for the United Nations to impose economic sanctions on Iran for refusing to suspend its nuclear program, Bloomberg reported.