COMMODITY
Crude oil futures end higher on drop in inventories
Dec-05-2019

Crude oil futures ended sharply higher on Wednesday after US government data showed the first decline in US inventories in six weeks. The Energy Information Administration (EIA) reported that US crude supplies fell by 4.9 million barrels for the week ended November 29. That followed increases in each of the past five weeks. The American Petroleum Institute on Tuesday reported a 3.7 million-barrel decline. Besides, traders awaited a key meeting of members of the Organization of the Petroleum Exporting Countries (OPEC) set for Thursday and a separate gathering that includes large non-OPEC producers - a group collectively known as OPEC+ - scheduled for Friday.

Benchmark crude oil futures for January surged $2.33 or 4.2 percent to settle at $58.43 a barrel on the New York Mercantile Exchange. January Brent rose $2.18 or 3.6 percent to settle at $63 a barrel on London's Intercontinental Exchange.

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