Crude oil futures ended sharply higher on Thursday on account of drop in U.S. crude inventories in the week ended January 12. Data from U.S. Energy Information Administration (EIA) showed crude inventories dropped by 2.5 million barrels last week, as against expectations for a declined of 313,000 barrels. Meanwhile. Gasoline inventories increased by 3.1 million barrels last week, higher than an expected increase of 2.2 million barrels, while distillate stocks were up 2.4 million barrels in the week, more than 2.5 times the expected increase.
Benchmark crude oil futures for February delivery rose $1.52 or 2.09 percent to settle at $78.08 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $1.22 or 1.56 percent to settle at $79.10 a barrel on London's Intercontinental Exchange.