Crude oil futures ended sharply higher on Wednesday as crude inventories in the U.S. dropped in the week ended January 10th. Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. dropped by 2 million barrels last week, after falling by 1 million barrels in the previous week. Street had expected crude oil inventories to decrease by 1.6 million barrels. Further, possibility of supply disruptions due to new sanctions by the U.S. on Russia contributed as well to the rise in oil prices.
Benchmark crude oil futures for February rose $2.54 or about 3.3 percent to settle at $80.04 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $2.11 or about 2.65 percent to settle at $82.03 a barrel on London's Intercontinental Exchange.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: