Crude oil futures ended higher on Wednesday, rebounding after suffering a sharp setback in the previous session, as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid recovering fuel demand. Meanwhile, data from Energy Information Administration showed US crude stockpiles rose by 1.12 million barrels in the week ended February 12, rising after seeing declines in the previous two weeks. Gasoline inventories dropped by 1.33 million barrels last week, falling for a second successive week, while distillate stockpiles fell 1.55 million barrels, dropping for a fifth straight week.
Benchmark crude oil futures for March delivery rose $1.59 or 1.7 percent to settle at $93.66 a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained $0.68 or 0.73 percent to settle at $93.96 a barrel on London's Intercontinental Exchange.