Crude oil futures ended higher on Wednesday, extending their gain to an 8th straight session, after data showed a drop in US crude inventories. Data released by Energy Information Administration showed crude inventories in the US fell 6.6 million barrels last week (February 5) compared to expectations for an increase of 985,000 barrels. Gasoline inventories increased by 4.259 million barrels last week, nearly 2.5 times more than the expected increase, while distillate stockpiles fell 1.73 million barrels. A report released by the American Petroleum Institute on Tuesday showed crude inventories in the United States fell by 3.5 million barrels in the week to February 5, raising hopes about higher fuel demand.
Crude oil futures for March rose $0.32 or 0.6 percent to settle at $58.68 barrel on the New York Mercantile Exchange. April Brent crude gained $0.38 or 0.6 to settle at $61.47 a barrel on London's Intercontinental Exchange.