Crude oil futures ended sharply higher on Wednesday on hopes about global economic recovery and the possible impact of sanctions on Russian crude output. Oil prices rose despite data showing an unexpected increase in US crude inventories in the week ended January 6, 2023. Data released by US Energy Information Administration (EIA) showed crude inventories in the US increased by nearly 19 million barrels last week, about 11 times more than the previous week, and against expectations of a drop in stockpiles. Meanwhile, gasoline stockpiles rose by 4.114 million barrels last week, more than two times the expected increase, while distillate stockpiles dropped by 1.069 million barrels, about 2.1 times the expected decline.
Benchmark crude oil futures for February delivery rose $2.29 or 3.1 percent at $77.41 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $2.82 or 3.52 percent at $82.92 a barrel (provisional) on London's Intercontinental Exchange.
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