Crude oil futures ended higher on Wednesday despite official data showed a notable increase in crude inventories in the U.S. in the week ended June 21. Data from U.S. Energy Information Administration showed crude oil inventories increased by 3.6 million barrels. Gasoline inventories surged by 2.7 million barrels last week, while distillate stockpiles dropped by 0.4 million barrels. Besides, Recent Ukrainian attacks on Russian refineries and conflicts in Gaza resulted in traders pricing a risk premium into oil prices.
Benchmark U.S. crude oil futures for August delivery added $0.07 or about 0.08% to $80.90 per barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $0.24 or 0.28% to $85.25 per barrel on London's Intercontinental Exchange.