Crude oil futures ended higher on Wednesday as weekly US crude supplies dropped by 8 million barrels, down a fourth straight week. The Energy Information Administration (EIA) reported that US crude inventories fell by 8 million barrels for the week ended January 1. That compared with the decline of 1.2 million barrels forecast by IHS Markit analysts. The American Petroleum Institute on Tuesday reported a 1.7 million-barrel fall in crude supplies. Besides, oil prices also continued to find support from Saudi Arabia’s announcement Tuesday of a unilateral production cut.
Crude oil futures for February rose 70 cents or 1.4 percent to settle at $50.63 a barrel on the New York Mercantile Exchange. March Brent crude gained 70 cents or 1.3 percent to settle at $54.30 a barrel on London's Intercontinental Exchange.