Crude oil futures ended higher on Wednesday, magnifying recent gains, after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) forecast a rebound in demand over the course of next year. In its December report, the IEA raised its forecast for oil demand growth in 2023 to 1.7 million barrels a day. Meanwhile, OPEC expects global oil demand to be 2.2 million barrels per day in 2023. However, data from the Energy Information Administration showed crude inventories rose by 10.231 million barrels last week versus expectations for a draw of 3.595 million barrels.
Benchmark crude oil futures for January delivery surged $1.89 or 2.5 percent at $77.28 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose $2.10 or 2.6 percent to settle at $82.78 (Provisional) a barrel on London's Intercontinental Exchange.