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Crude oil futures end sharply higher on Wednesday

01 Dec 2022 Evaluate

Crude oil futures ended sharply higher on Wednesday after data showed a steep fall in crude inventories in the U.S. in the week ended November 25,2022. Data released by U.S. Energy Information Administration (EIA) showed crude inventories in the U.S. dropped by nearly 13 million barrels last week, the biggest weekly decline since the week ended June 21, 2019. The EIA data also showed that gasoline stockpiles increased by 2.77 million barrels last week, while distillates stockpiles rose by 3.55 million barrels. Further, expectations of increased demand from China and a weaker dollar also contributed to the jump in oil prices.

Benchmark crude oil futures for January delivery rose $2.35 or about 3 percent at $80.55 a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained $2.75 or about 3.25 percent to settle at $87.00 (Provisional) a barrel on London's Intercontinental Exchange.

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