Crude oil futures ended higher on Wednesday after the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed to impose deep output cuts. OPEC+ decided to reduce production by 2 million barrels per day from November. Further, data showing a drop in US crude inventories in the week ended September 30 contributed as well to the surge in oil prices. Data from US Energy Information Administration (EIA) showed crude oil inventories in the US dropped by 1.356 million barrels last week, as against expectations for an increase of 2.052 million barrels.
Benchmark crude oil futures for November delivery rose $1.24 or 1.4 percent at $87.76 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $1.61 or about 1.74 percent to settle at $93.41 (Provisional) a barrel on London's Intercontinental Exchange.