Crude oil futures ended marginally higher on Wednesday despite a soaring US dollar, which makes barrels more expensive and coronavirus outbreaks in China clouded the economic outlook in the world’s biggest importer of crude oil. However, upside remained capped as data released by US Energy Information Administration (EIA) showed crude inventories rose by 700,000 barrels in the week ended April 22.
Benchmark crude oil futures for June delivery added $0.32 or 0.3 percent to settle at $102.02 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $0.14 or 0.13 percent to settle at $104.75 (Provisional) a barrel on London's Intercontinental Exchange.