Crude oil futures ended sharply higher on Wednesday after a ship that got struck in the Suez Canal raised concerns about possible supply disruptions. The MV Ever Given, a Panama-flagged container ship that carries trade between Asia and Europe, became grounded Tuesday in the narrow, man-made waterway dividing continental Africa from the Sinai Peninsula, threatening to disrupt a global shipping system already strained by the coronavirus pandemic. Meanwhile, Data released by the Energy Information Administration (EIA) showed US crude inventories increased by 1.9 million barrels in the week ended March 19 compared to an expected drop of 900,000 barrels.
Crude oil futures for May rose $3.42 or about 5.9 percent to settle at $61.18 barrel on the New York Mercantile Exchange. May Brent crude gained $3.69 or 6 percent to settle at $64.48 a barrel on London's Intercontinental Exchange.