Crude oil futures ended higher on Wednesday on reports about a slow progress in restoration of crude output in the Gulf of Mexico region. However, worries about the outlook for energy demand due to the surge in coronavirus cases, and a strong dollar limited oil's gains. The Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook report that it has lowered global oil demand expectations to account for reactions to the proliferation of the delta variant. The EIA expects global demand to grow by 5 million barrels per day this year, as against last month's forecast for a growth of 5.3 million barrels per day. EIA expects US crude oil output to be 11.08 million barrels per day, down 0.3% from the previous forecast.
Crude oil futures for October rose $0.95 or 1.4 percent to settle $69.30 barrel on the New York Mercantile Exchange. November Brent crude surged $0.91 or 1.28% percent to settle at $72.60 a barrel on London's Intercontinental Exchange.