Crude oil futures ended higher on Wednesday after Energy Information Administration’s (EIA) report showed that a steep drop by U.S. crude oil inventories in the week ended October 24. The EIA said crude oil inventories plunged by 6.9 million barrels last week after dipping by 1.0 million barrels in the previous week. The report also showed a notable decrease by gasoline inventories, which tumbled by 5.9 million barrels last week and are about 3 percent below the five-year average for this time of year.
Benchmark crude oil futures for December gained $0.33 or 0.55% at $60.48 a barrel on the New York Mercantile Exchange. Brent crude for December delivery rose $0.52 or 0.81% to settle at $64.92 a barrel on London's Intercontinental Exchange.
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