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Crude oil futures end higher on Wednesday

09 Dec 2021 Evaluate

Crude oil futures ended higher on Wednesday after data from Energy Information Administration (EIA) showed a drop in US crude inventories in the week ended December 3.Oil's gains were just modest as the decline in crude stockpiles, at 240,000 barrels, was much less than an expected drop of about 1.71 million barrels. On Tuesday, the American Petroleum Institute (API) reported crude inventories decreased by 3.1 million barrels in the week ending December 3. Meanwhile, Geopolitical tensions also remained on investors' radar amid rising tensions between the United States and Russia regarding Ukraine.

Benchmark crude oil futures for January delivery rose $0.31 or 0.4 percent to settle at $72.36 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.46 or 0.61 percent to settle at $75.90 a barrel on London's Intercontinental Exchange.