Crude oil futures ended higher on Wednesday following the release of a highly anticipated Labor Department report showing consumer prices increased by less than expected in the month of June. The report also showed a notable slowdown in the annual rate of consumer price growth, easing concerns about the outlook for interest rates. Meanwhile, traders largely shrugged off a report from the Energy Information Administration showing crude oil inventories jumped by much more than expected in the week ended July 7th. The report showed crude oil inventories shot up by 5.9 million barrels last week compared to street estimates for an uptick of about 0.5 million barrels.
Benchmark crude oil futures for August delivery rose $0.92 or about 1.22 percent to settle at $75.75 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $0.71 or 0.89 percent to settle at $80.11 a barrel on London's Intercontinental Exchange.