Crude oil futures ended sharply higher on Wednesday after data showing an unexpected sharp drop in U.S. crude inventories. Data released by the Energy Information Administration (EIA) showed crude oil inventories slid by 4.9 million barrels in the week ended July 12th, after falling by 3.4 million barrels in the previous week. Street had expected crude oil inventories to rise by 0.8 million barrels. Meanwhile, the report said gasoline inventories increased by 3.3 million barrels last week and are slightly above the five-year average for this time of year.
Benchmark U.S. crude oil futures for August delivery rose $2.09 or about 2.6% to $82.85 per barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $1.25 or 1.49% to $85.08 per barrel on London's Intercontinental Exchange.