Crude oil futures ended higher on Wednesday, magnifying the spike seen in the previous session, on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant. The increase in the price of crude oil came after a report from the Energy Information Administration showed US crude oil inventories fell by more than expected in the week ended January 7th. The report showed crude oil inventories tumbled by 4.6 million barrels versus estimates for a decrease of about 1.9 million barrels. Meanwhile, the report showed gasoline inventories jumped by 8.0 million barrels, while distillate fuel inventories increased by 2.5 million barrels.
Benchmark crude oil futures for February delivery rose $1.42 or 1.7 percent to settle at $82.64 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $1.24 or 1.5 percent to settle at $84.96 a barrel on London's Intercontinental Exchange.
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