Crude oil futures ended higher on Wednesday after official data showed a substantial drop in US crude stockpiles in the week ended January 22. According to the data released by the Energy Information Administration, crude inventories in the US fell by 9.9 million barrels last week, dropping to 476.7 million barrels. The numbers compared to street’s expectation for a build of 430,000 barrels. Despite the sharp drop in inventories, persisting worries about the surge in coronavirus cases and tighter restrictions on movement in several parts across the world continue to cause uncertainty about near-term energy demand.
Crude oil futures for March rose $0.24 or 0.5 percent to settle at $52.85 barrel on the New York Mercantile Exchange. March Brent crude gained $0.34 to settle at $56.25 a barrel on London's Intercontinental Exchange.