Crude oil futures ended marginally higher on Wednesday after data showed a drop in US crude inventories in the week ended April 15. Data from Energy Information Administration (EIA) showed crude inventories in the US dropped by 8 million barrels last week versus expectations for an increase of 2.5 million barrels. Gasoline inventories fell by 761,000 barrels last week to 232.4 million barrels, while distillate stockpiles dropped by 2.7 million barrels to 108.7 million barrels, the lowest level since May 2008. Besides, Concerns about supplies from Russia and the disruptions in Libya also contributed to the uptick in oil prices.
Benchmark crude oil futures for June delivery gained $0.14 or 0.1 percent to settle at $102.19 a barrel on the New York Mercantile Exchange. However, Brent crude for June delivery fell $0.37 or 0.33 percent to settle at $106.88 (Provisional) a barrel on London's Intercontinental Exchange.