Crude oil futures ended higher on Wednesday, extending their previous sessions’ gains, lifted by the Organization of the Petroleum Exporting Countries and their allies' decision to cut crude production for two months. Optimism about additional fiscal stimulus in the US, and fairly encouraging momentum in vaccination drive eased concerns about outlook for energy demand. However, Data showing a smaller than expected decline in US crude inventories last week limited oil's uptick. Data from Energy Information Administration (EIA) showed crude inventories dropped by 994.000 barrels last week.
Crude oil futures for March rose $0.93 or 1.7 percent to settle at $55.69 barrel on the New York Mercantile Exchange. April Brent crude gained $0.61 or 1.04 percent to settle at $58.41 a barrel on London's Intercontinental Exchange.