Crude oil futures ended higher on Wednesday, extending their previous session’s gains, as US crude supplies declined for a second week in a row. The Energy Information Administration reported that US crude inventories fell for a second straight week, by 1.6 million barrels for the week ended September 18. That was much less than the average forecast from analysts polled by S&P Global Platts for a decline of 4 million barrels. However, upside remained capped as coronavirus-related lockdowns in Europe raising expectations for weaker energy demand.
Crude oil futures for October gained 13 cents or 0.3 percent to settle at $39.93 a barrel on the New York Mercantile Exchange. November Brent crude added 5 cents or 0.1% to settle at $41.77 a barrel on London's Intercontinental Exchange.