Crude oil futures ended higher on Wednesday, magnifying their previous sessions’ gains, even as a report from the Energy Information Administration showing US crude oil inventories decreased by less than expected in the week ended December 31st. The report showed crude oil inventories fell by 2.1 million barrels last week versus expectations for a decrease of about 3.3 million barrels. The EIA also said gasoline inventories spiked by 10.1 million barrels, while distillate fuel inventories increased by 4.4 million barrels. Besides, the price of crude oil reached its highest levels in over a month amid continued optimism the Omicron variant of the coronavirus will not significantly impact global demand.
Benchmark crude oil futures for February delivery surged $1.32 or 1.7 percent to settle at $78.31 a barrel on the New York Mercantile Exchange. Brent crude for March delivery rose $1.22 or 1.5 percent to settle at $81.22 a barrel on London's Intercontinental Exchange.