WASHINGTON (dpa-AFX) - Despite concerns about outlook for energy demand, crude oil prices rose sharply on Wednesday as official data showed declines in crude and gasoline stockpiles in the U.S. in the week ended October 14.
West Texas Intermediate Crude oil futures for November ended higher by $2.73 or about 3.3% at $85.55 a barrel.
Brent crude futures were up $1.80 or about 2% at $91.83 a barrel a little while ago. The contract rose to a high of $92.84 a barrel earlier in the day.
Data from U.S. Energy Information Administration (EIA) showed crude inventories in the U.S. dropped by 1.7 million barrels last week, as against expectations for an increase of 1.4 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 583,000 barrels last week, the EIA data showed.
Gasoline stocks fell by 114,000 barrels last week, as agaisnt expectations for a 1.1 million-barrel drop, while distillate stockpiles increased by 124,000 barrels, as against expectations for a 2.2 million-barrel drop.
The American Petroleum Institute had on Tuesday reported that crude oil stockpiles in the U.S. unexpectedly fell by 1.3 million barrels in the week ended October 14, as compared to an increase of inventory by 7.05 million barrels in the previous week. Markets were expecting the inventories to rise by 1.55 million barrels.
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