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Crude oil futures end higher on Wednesday

12 Nov 2020 Evaluate

Crude oil futures ended higher on Wednesday as data showed a larger than expected drop in US crude inventories in the week ended November 6. The American Petroleum Institute (API) reported on Tuesday a major draw in crude oil inventories of 5.1 million barrels last week, compared with street’s expectations for a reduction of 913,000 barrels. The Energy Information Administration's weekly petroleum status report will be released on Thursday, due to the closure of the Federal Government on Wednesday, November 11.

Crude oil futures for December surged $0.09 or 0.2 percent to settle at $41.45 a barrel on the New York Mercantile Exchange. January Brent crude rose $0.21 to settle at $43.82 a barrel on London's Intercontinental Exchange.