Crude oil futures ended higher on Friday after data showed a sharp drop in U.S. crude inventories in the week ended December 20. Data from the Energy Information Administration (EIA) said crude inventories in the U.S. fell by 4.2 million barrels last week, much higher than an expected drop of 1.9 million barrels. Further, the ongoing conflict between Russia and Ukraine, and expectations of increased demand from China following the recent stimulus measures contributed as well to the rise in oil prices.
Benchmark crude oil futures for January February rose $0.64 or about 0.92 percent to settle at $70.26 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.91 or 1.24 percent to settle at $ 74.17 a barrel on London's Intercontinental Exchange.
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