Crude oil futures ended higher on Wednesday, magnifying their previous session’s rally, after data showed declines in crude and gasoline stockpiles in the US in the week ended October 28th. Data released by the Energy Information Administration (EIA) showed crude oil inventories in the US fell by about 3.1 million barrels last week. The EIA data also said gasoline inventories dropped by 1.257 million barrels last week, as against expectations for a draw of 1.358 million barrels. Meanwhile, distillate stockpiles rose by 0.427 million barrels last week, as against forecasts for a draw of 0.56 million barrels.
Benchmark crude oil futures for December delivery rose $1.63 or about 1.8 percent at $90.00 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $1.40 or about 1.5 percent to settle at $96.05 (Provisional) a barrel on London's Intercontinental Exchange.