Crude oil futures ended higher on Wednesday on hopes of increased demand. Oil prices rose despite data showing an unexpected jump in crude oil inventories in the U.S. in the week ended June 7. Data from the Energy Information Administration (EIA) showed crude oil inventories jumped by 3.7 million barrels last week, after rising by 1.2 million barrels a week earlier. Street had expected crude oil inventories to decrease by 1.6 million barrels. Meanwhile, the EIA data also showed gasoline inventories shot up by 2.6 million barrels last week and are just slightly below the five-year average for this time of year.
Benchmark crude oil futures for July delivery higher $0.60 or 0.8% to settle at $78.50 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up $0.68 or about 0. 0.8% to $82.60 per barrel on London's Intercontinental Exchange.