Crude oil futures ended higher on Wednesday as Data released by Energy Information Administration (EIA) showed crude inventories in the US dropped by 4.6 million barrels in the week ended December 10. The EIA data also said gasoline stockpiles were down by nearly 720,000 barrels last week, while distillate stocks fell by 2.85 million barrels in the week. However, Oil prices drifted lower earlier in the day, weighed down by virus worries after the World Health Organization Chief stated that 77 countries have reported cases of Omicron and the variant of coronavirus is spreading at an unprecedented rate.
Benchmark crude oil futures for January delivery rose $0.14 or about 0.2 percent to settle at $70.87 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.30 or 0.41 percent to settle at $74.00 a barrel on London's Intercontinental Exchange.