Crude oil futures ended higher on Wednesday on growing hopes for higher demand after a jump in manufacturing in top crude importer China. Crude oil prices rose despite data showing a jump in crude inventories in the week ended February 24th. Data released by Energy Information Administration (EIA) showed crude stockpiles rose by 1.165 million barrels in the week ended February 24, rising for a 10th straight week. The increase was nearly 4 times over the level seen a week earlier. Gasoline inventory dropped by 0.874 million barrels last week, as against an expected increase of 0.464 million barrels, while distillate stockpiles rose by 0.179 million barrels versus the expected drop of 0.462 million barrels.
Benchmark crude oil futures for April delivery surged $0.64 or 0.8 percent to 77.69 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $0.86 or 1 percent to $84.31 a barrel on London's Intercontinental Exchange.