Crude oil futures ended higher on Wednesday despite a sharp rise in US inflation, and data showing an increase in US crude inventories last week. Data released by US Energy Information Administration showed crude inventories rose by 3.254 million barrels in the week ended July 8, against expectations for a drop of 154,000 barrels. Gasoline stockpiles rose by 5.825 million barrels last week, while forecasts were for a drop of 357,000 barrels. Meanwhile, distillate stockpiles increased 2.668 million barrels, against forecast for a rise of 1.591 million barrels. Meanwhile, data from the US Labor Department showed that the consumer price index shot up by 1.3% in June after jumping by 1% in May. Street had expected consumer prices to leap by 1.1%.
Benchmark crude oil futures for August delivery gained $0.46 or 0.48 percent to settle at $96.3 a barrel on the New York Mercantile Exchange. Brent crude for September delivery added $0.08 or 0.08 percent to settle at $99.57 a barrel on London's Intercontinental Exchange.