Crude oil futures ended sharply higher on Wednesday after data showed a dip in US crude inventories in the week ended September 23. Data released by US Energy Information Administration (EIA) showed crude stocks dropped by 215,000 barrels last week. Gasoline inventories were down 2.4 million barrels last week, while distillate stockpiles fell 2.9 million barrels. Further, oil prices were also supported by production shut-ins in the Gulf of Mexico region due to Hurricane Ian. According to government data, about 190,000 barrels per day of oil production or 11% of the Gulf's total was shut in.
Benchmark crude oil futures for November delivery rose $3.65 or about 4.7 percent at $82.15 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained $4.24 or about 3.5 percent to settle at $89.32 a barrel on London's Intercontinental Exchange.