Crude oil futures ended higher on Wednesday, magnifying the advance seen over the past several sessions, after government data showed US crude and fuel inventories fell last week. The report showed crude oil inventories slid by 3.6 million barrels in the week ended December 24, exceeding street estimates for a decrease of 3.1 million barrels. Gasoline inventories also fell by 1.5 million barrels last week, while distillate fuel inventories declined by 1.7 million barrels. A separate report released by the American Petroleum Institute on Tuesday showed crude oil inventories decreased by 3.1 million barrels last week.
Benchmark crude oil futures for February delivery rose $0.58 or 0.8 percent to settle at $76.56 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $0.29 or 0.37 percent to settle at $79.23 a barrel on London's Intercontinental Exchange.