Commodity Tips, Crude oil futures end higher as stockpiles fell
Crude oil futures ended higher on Wednesday, extending their gain after data showed crude stockpiles fell for the fifth straight week, while the ongoing North Sea Forties pipeline outage continued to support sentiment. The Energy Information Administration (EIA) said crude inventories fell by 6.5 million barrels (bbl) in the week to Dec. 15. Gasoline inventories rose by 1.2 million barrels, while supplies of distillate fell by 769,000 barrels. The EIA figures on Wednesday showed US oil production jumped to 9.79 million barrels a day, while exports rose 1.86 million barrels a day, near record highs.
Benchmark crude oil futures for January delivery ended higher by $0.53 or 0.89 percent at $58.09 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was up by 1.02 percent to $65.45 a barrel on the ICE.
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