Crude oil futures ended higher on Wednesday as Saudi Arabia’s plans for deep output cuts more than offset demand woes stemming from rising U.S. fuel stocks. Data showing a drop in U.S. crude inventories last week helped as well. Data from the Energy Information Administration (EIA) showed crude stockpiles dropped by about 450,000 barrels. Meanwhile, the Energy Information Administration (EIA) signaled the U.S. will see strong travel demand this summer. Besides, Data showing crude oil imports into China, the world's largest oil importer, rose to their third-highest monthly level in May, helped push up oil prices.
Benchmark crude oil futures for July delivery rose $0.79 or about 1.1 percent to settle at $72.53 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained $0.66 or 0.9 percent to settle at $76.95 a barrel on London's Intercontinental Exchange.