Crude oil futures settled higher on Wednesday amid concerns over Russian oil exports being hit with heavy US sanctions emerged following US President Donald Trump’s comments on Ukraine. Besides, data released by the US Energy Information Administration has revealed that crude oil inventories fell by 0.6 million barrels, gasoline stocks decreased by 1.1 million barrels, and distillate stocks (including home heating oil and diesel) fell by 1.7 million barrels for the week ending September 19.
Benchmark crude oil futures for November gained $1.58 or 2.49% at $64.99 a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased $1.68 or 2.48% to settle at $69.31 a barrel on London's Intercontinental Exchange.