Crude oil futures settled higher on Wednesday after data released by the U.S. Energy Information Administration showed gasoline stocks declined by 1.6 million barrels, distillate stocks decreased to 2.0 million barrels, and heating oil stocks fell by 60,000 barrels. However, reports from Iraq on new large-scale production capped the gains.
Benchmark crude oil futures for November gained $0.82 or 0.133% at $62.55 a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased $0.80 or 1.22% to settle at $66.25 a barrel on London's Intercontinental Exchange.