Crude oil futures ended higher on Wednesday after data showed a drop in US crude inventories in the week ended February 4th. Data released by US Energy Information Administration (EIA) showed US crude stocks dropped by 4.8 million barrels last week, the most for a week since October 2018 and three times the expected decline. The EIA data showed gasoline stocks were down 1.64 million barrels last week, while distillate stockpiles fell by 929,000 barrels in the week.
Benchmark crude oil futures for March delivery gained $0.30 or about 0.3 percent to settle at $89.66 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $0.64 or 0.73 percent to settle at $91.44 a barrel on London's Intercontinental Exchange.