Crude oil futures ended higher on Wednesday after data showed a drop in crude inventories in the week ended December 13th. Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. dipped by 0.9 million barrels last week, after falling by 1.4 million barrels a week earlier. Street had expected oil inventories to drop by 1.7 million barrels. The EIA said at 421.0 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year. Meanwhile, the report said gasoline inventories increased by 2.3 million barrels last week but remain about 3% below the five-year average for this time of year.
Benchmark crude oil futures for January delivery rose $0.50 or about 0.71 percent to settle at $70.58 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.20 or 0.27 percent to settle at $73.39 a barrel on London's Intercontinental Exchange.