Crude oil futures ended higher on Wednesday rebounding sharply from recent losses, thanks to data showing a significant drop in flows of Russian gas to Europe, and news about Chinese government's fresh stimulus measures. Further, reports suggesting that Covid-19 infections dropped in Shanghai and Beijing contributed as well to the rise in oil prices. Meanwhile, data from the Energy Information Administration (EIA) showed US crude stockpiles rose by more than 8 million barrels in the week ended May 6, due to another large release from strategic reserves.
Benchmark crude oil futures for June delivery surged $5.95 or 6% percent to settle at $105.71 a barrel on the New York Mercantile Exchange. Brent crude for July delivery rose $4.41 or 4.3 percent to settle at $106.87 (Provisional) a barrel on London's Intercontinental Exchange.