Extending gains for a fifth straight session, Crude oil futures ended higher on Wednesday as the probability of U.S. intervention to end the crisis in Iran raises supply-related concerns. The Energy Information Administration released a report showing an unexpected rebound by U.S. crude oil inventories in the week ended January 9. The report said crude oil inventories jumped by 3.4 million barrels last week after tumbling by 3.8 million barrels in the previous week. The report also said gasoline inventories surged by 9.0 million barrels last week and are about 4 percent above the five-year average for this time of year.
Benchmark crude oil futures for February delivery rose $0.87 or 1.42% to settle at $62.02 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $1.05 or 1.60% to settle at $66.52 a barrel on London's Intercontinental Exchange.
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