Crude oil futures ended higher on Wednesday after tamer-than-expected inflation data contributed to an extended pullback in the value of the U.S. dollar. The data led to speculation the Federal Reserve is close to ending its interest rate hikes. Meanwhile, traders largely shrugged off a report from the Energy Information Administration showing an unexpected uptick in U.S. crude oil inventories in the week ended April 7th. The report said crude oil inventories crept up by 0.6 million barrels last week compared to expectations for a decrease of 0.6 million barrels.
Benchmark crude oil futures for May delivery rose $1.73 or 2.12 percent to settle at $83.26 a barrel on the New York Mercantile Exchange. Brent crude for June delivery surged $1.72 or 2 percent to settle at $87.33 a barrel on London's Intercontinental Exchange.