Crude oil futures ended higher on Wednesday despite persisting concerns about the outlook for demand. Oil prices moved up due to short-covering after recent sharp losses. However, OPEC said in a recent report that global oil demand will likely rise by 1.82 million barrels per day, down from an earlier estimate of 1.93 million barrels per day, due largely to a weak Chinese economy notwithstanding an increase in fiscal spending.
Benchmark crude oil futures for December delivery gained $0.31 or about 0.46 percent to settle at $68.43 a barrel on the New York Mercantile Exchange. Brent crude for January delivery added $0.39 or about 0.54 percent to settle at $72.28 a barrel on London's Intercontinental Exchange.