Crude oil futures ended higher on Wednesday, after data showed a drop in US crude stockpiles. Data from Energy Information Administration (EIA) showed crude inventories in the US fell by 562,000 barrels in the week ended December 18. The data also said gasoline stockpiles were down by 1.1 million barrels last week, and distillate stocks dropped by 2.3 million barrels. Oil also found support from the closure of the Qua Iboe crude oil export terminal last week following a fire at the facility. Meanwhile, France's decision to reopen its borders with the UK to travelers and truck drivers who test negative for Covid-19, a weaker dollar and optimism about a post-Brexit trade deal between the UK and European Union helped as well.
Crude oil futures for February rose $1.10 or 2.3 percent to settle at $48.12 a barrel on the New York Mercantile Exchange. February Brent crude gained $1.12 or 2.25 percent to settle at $51.20 a barrel on London's Intercontinental Exchange.