Oil prices have been on the rise today, following a government report that showed inventories fell more than expected last week.

Going into today's inventory report, analysts had been expecting to hear that oil inventories shrank by around 2 million barrels last week, but according the the Department of Energy the actual draw was much steeper at 3.7 million barrels.

Nokia Corp. (NYSE: NOK) will be closing a major production plant in Germany as it shifts manufacturing to lower-cost countries. In this case, Romania was suggested as a country with lower labor and operating costs and Nokia will most likely increase its presence there like many companies have in the recent past.

Due to Nokia's Bochum, Germany plant having a "lack of competitiveness," as many as 2,300 manufacturing jobs will be lost as the world's largest wireless handset maker closes down shop there. Making electronic products in Germany is "no longer feasible" from an economic and cost efficiency perspective, said Veli Sundback of Nokia's supervisory board. The plant has been in operation since 1989.

Right now, Nokia's European plants are comprised of Hungarian and Finnish facilities along with a step-up in production at a Romanian plant, which will reportedly produce its first handset in the first quarter of this year. Shifting away from Germany's high labor and logistics costs makes sense for Nokia, which has managed to hold onto nice cellphone margins in recent years as competitors like Motorola, Inc. (NYSE: MOT) have stumbled badly with profits (even leading to the CEO's resignation).