Oil futures ended higher Wednesday, with U.S. prices staging a last minute, modest turnaround as a U.S. government report revealed a second straight weekly decline in U.S. crude supplies.
An increase in domestic crude output and a hefty weekly rise for gasoline stockpiles had pushed prices lower for much of the trading session.
The Energy Information Administration on Wednesday reported a bigger-than-expected fall in crude inventories, but that decline also came “amid an upward adjustment to the domestic production number—now to the mighty heights of 11.9 million barrels per day,” said Matt Smith, director of commodity research at ClipperData.
West Texas Intermediate crude for February delivery rose 20 cents, or 0.4%, to settle at $52.31 a barrel on the New York Mercantile Exchange. That was a modest extension of the more than 3% rise from a day earlier that was fueled by China’s move to stimulate its economy.
March Brent crude added 68 cents, or 1.1%, to $61.32 a barrel on ICE Futures Europe.
Source : Market Watch