Crude oil futures ended higher on Wednesday, magnifying their previous session’s gains, after data showed a larger than expected drop in crude inventories in the US in the week ended December 17th. Data released by the Energy Information Administration showed crude inventories in the US fell by 4.72 million barrels last week, nearly two times the expected drop. The American Petroleum Institute reported on Tuesday that US crude oil stocks fell by 3.7 million barrels last week, while gasoline supplies rose by 3.7 million barrels and distillate stocks fell by 849,000 barrels. Besides, easing worries about Omicron and US President Joe Biden's remarks that it is still possible to reach a deal with Senator Joe Manchin to push the $2 trillion Build Back Better bill through Congress also contributed to the jump in oil prices.
Benchmark crude oil futures for February delivery rose $1.64 or 2.3 percent to settle at $72.76 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $1.31 or 1.77 percent to settle at $75.29 a barrel on London's Intercontinental Exchange.
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