Crude oil futures ended higher on Wednesday as data showing a bigger than expected drop in U.S. crude inventories in the week ended July 5. Data from U.S. Energy Information Administration (EIA) showed crude oil inventories fell by 3.4 million barrels last week, after plunging by 12.2 million barrels in the previous week. Street had expected crude inventories to drop by 3 million barrels last week. Besides, OPEC's forecast for oil demand this year contributed as well to the rise in oil prices. The OPEC expects oil demand to rise by 2.2 million barrels per day this year, compared to the previous year.
Benchmark U.S. crude oil futures for August delivery rose $0.69 or 0.84% to $82.10 per barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $0.42 or about 0.49% to $85.08 per barrel on London's Intercontinental Exchange.