Crude oil futures ended higher on Wednesday after data showed a larger than expected drop in US crude stockpiles in the week ended September 17. Data from Energy Information Administration (EIA) showed US crude inventories dropped for a seventh straight week. The EIA data showed crude stockpiles dropped by 3.481 million barrels to 414 million barrels last week, the lowest level since October 2018. The EIA also said that oil facilities in the Gulf of Mexico continue to return to production, and weekly output rose by 500,000 barrels per day in the most recent week. Data released by the American Petroleum Institute on Tuesday showed crude stockpiles in the US dropped by about 6.1 million barrels in the week ended September 17.
Benchmark Crude oil futures November delivery rose $1.74 or 2.5 percent to settle at $72.23 barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $1.58 or 2.08 percent to settle at $75.94 a barrel on London's Intercontinental Exchange.