Crude oil futures ended higher on Wednesday after data showed a bigger than expected drop in U.S. crude inventories in the week ended December 8. Data released by Energy Information Administration (EIA) showed crude oil inventories in the U.S. dropped by 4.3 million barrels last week, as against an expected declined of about 0.7 million barrels. Meanwhile, Gasoline inventories increased by 0.4 million barrels, while distillate fuel stockpiles increased by 1.5 million barrels.
Benchmark crude oil futures for January delivery rose $0.86 or about 1.3 percent to settle at $69.47 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $1.02 or about 1.39 percent to settle at $74.26 a barrel on London's Intercontinental Exchange.