Crude oil futures ended higher on Wednesday, extending gains to a third straight session, amid vaccine rollouts and optimism about fiscal stimulus in the US. Data showing a drop in crude inventories in the US last week also contributed to oil’s rise. Data released by Energy Information Administration (EIA) showed crude inventories in the US declined by 3.1 million barrels last week compared to estimates for a 1.937 million-barrel drawdown. Gasoline stockpiles increased by 1 million barrels last week, less than an expected increase of 1.6 million barrels, while distillate stockpiles rose by 167,000 barrels, sharply below an expected jump of 886,000 barrels. A report released by the American Petroleum Institute (API) on Tuesday showed crude inventories in the US increased by 1.973 million barrels in the week ended December 11 versus expectations for a draw of 1.9 million barrels.
Crude oil futures for January gained $0.20 or 0.4 percent to settle at $47.82 a barrel on the New York Mercantile Exchange. February Brent crude rose $0.29 or 0.55 percent to settle at $51.05 a barrel on London's Intercontinental Exchange.