Crude oil futures closed higher on Wednesday despite data showing an increase in crude inventories in the U.S. in the week ended March 14th. Data released by the Energy Information Administration showed crude oil inventories in the U.S. increased by more than expected last week, climbing by 1.7 million barrels, after rising by 1.4 million barrels a weak earlier. However, continued uncertainty about growth owed to the impact of U.S. tariffs on some of its major trading partners and the threat of more levies, limited oil's upside.
Benchmark crude oil futures for April rose $0.26 or about 0.39% at $67.16 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased by $0.22 or 0.31% to settle at $70.78 a barrel on London's Intercontinental Exchange.