MARKET WATCH: NYMEX oil prices increase on US crude inventory decline

Light, sweet crude prices rose modestly on the New York market June 13 after a weekly US government report showed a sharp fall in oil inventories. US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 4.1 million bbl to an estimated 432.4 million bbl for the week ended June 8, according to a weekly report from the US Energy Information Administration.