Crude oil futures ended higher on Wednesday lifted by data showing weekly drop in US crude inventories. Data released by Energy Information Administration (EIA) showed crude inventories in the US dropped by 6.7 million barrels in the week ended June 25, much higher than an expected drop of 4.7 million barrels. A report released by the American Petroleum Institute (API) on Tuesday that crude stockpiles in the US dropped by about 8.2 million barrels last week. Meanwhile, traders also looked ahead to the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, with regard to increasing crude production from August. The OPEC+ will announce its decision on Thursday.
Crude oil futures for August rose $0.49 or about 0.7 percent to settle at $73.47 barrel on the New York Mercantile Exchange. September Brent crude gained $0.34 or 0.5 percent to settle at $74.62 a barrel on London's Intercontinental Exchange.