Crude oil futures ended sharply higher on Wednesday amid concerns about further attacks by Houthi militants against ships in the Red Sea as well as reports protests in Libya have forced the shutdown the Sharara oil field, which produces up to 300,000 barrels per day. Meanwhile, crude oil also benefitted from the release of a statement from OPEC and their allies reiterating their full commitment to their continued and unwavering efforts to maintain oil market stability going forward.
Benchmark crude oil futures for February delivery rose by $2.32 or 3.3 percent to settle at $72.70 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged by $2.36 or 3.10 percent to settle at $78.25 a barrel on London's Intercontinental Exchange.