Crude oil futures ended sharply higher on Wednesday as US government data showed declines in domestic crude and gasoline supplies. Data from US Energy Information Administration (EIA) showed crude inventories in the US dropped by 1.7 million barrels last week (October 14) versus expectations for an increase of 1.4 million barrels. Gasoline stocks fell by 114,000 barrels last week compared to expectations for a 1.1 million-barrel drop. The American Petroleum Institute had on Tuesday reported that crude oil stockpiles in the US unexpectedly fell by 1.3 million barrels in the week ended October 14 compared to an increase of inventory by 7.05 million barrels in the previous week. Markets were expecting inventories to rise by 1.55 million barrels.
Benchmark crude oil futures for November delivery rose $2.73 or 3.3 percent at $85.55 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $2.38 or about 2.6 percent to settle at $92.41 a barrel on London's Intercontinental Exchange.