Crude oil futures ended sharply higher on Wednesday, extending recent gains, on concerns about global crude supplies due to the ongoing Russia-Ukraine conflict, and data showing a drop in US crude inventories. Data released by the Energy Information Administration (EIA) showed crude stockpiles in the US dropped by 2.6 million barrels to 413.4 million barrels in the week ended February 25th. The data said oil stocks at Cushing, Oklahoma, fell by 972,000 barrels from the previous week, to 22.8 million barrels. Meanwhile, a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine.
Benchmark crude oil futures for April delivery surged $7.19 or 7 percent to settle at $110.60 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $9.91 or 9.4 percent to settle at $114.88 a barrel on London's Intercontinental Exchange.