Crude oil futures ended sharply higher on Wednesday. The price of crude oil reached its highest levels since November 2022 as output cuts by Saudi Arabia and Russia continued to raise concerns about supply. Further, the advance came following the release of a report from the Energy Information Administration showing decreases in gasoline and distillate fuel inventories. The report said gasoline inventories slid by 2.7 million barrels in the week ended August 4th, while distillate fuel inventories fell by 1.7 million. Traders shrugged off an increase in crude oil inventories, which climbed by 5.9 million barrels compared to street estimates for a 0.6 million barrel uptick.
Benchmark crude oil futures for September delivery rose $1.48 or about 1.78 percent to settle at $84.4 a barrel on the New York Mercantile Exchange. Brent crude for October delivery rose $1.38 or 1.60 percent to settle at $87.55 a barrel on London's Intercontinental Exchange.