Crude oil futures ended higher on Wednesday, magnifying their previous session’s gains on concerns about trade disruptions due to rising tensions in the Middle East after attacks on vessels in the Red Sea by Houthi forces. However, data showing an unexpected increase in U.S. crude inventory limited the uptick in oil prices. Data released by the Energy Information Administration (EIA) showed crude inventory increased 2.9 million barrels in the week ended December 15, as against forecast for a drop of 2.3 million barrels. The EIA data also showed gasoline stockpiles rose by 2.7 million barrels last week, higher than an expected increase of 1.2 million barrels.
Benchmark crude oil futures for January delivery rose $0.28 or 0.4 percent to settle at $74.22 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was up by $0.47 or 0.6 percent to settle at $79.70 a barrel on London's Intercontinental Exchange.