Crude oil futures end higher amid soft dollar
US crude oil inventories decreased by 4.8 million barrels for the week ending December 5
Crude oil futures ended higher on Wednesday as the dollar weakened following the Federal Reserve’s decision to cut interest rates by 25 basis points. Besides, American Petroleum Institute data revealed that, in the U.S., crude oil inventories decreased by 4.8 million barrels for the week ending December 5, way below expectations for a 1.7-million-barrel draw, marking the third straight weekly decline. In the prior week, crude oil inventories contracted by 2.48 million barrels.
Benchmark crude oil futures for January increased $0.21 or 0.36% at $58.46 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.27 or 0.44% to settle at $62.21 a barrel on London's Intercontinental Exchange.
