Crude oil prices climbed up and settled at 10-week high on Wednesday after data showed a drop in crude stockpiles, and amid optimism about a pick up in energy demand thanks to reopening of businesses in several parts across the globe.
West Texas Intermediate Crude oil futures for July ended up $1.53, or about 4.8%, at $33.49 a barrel, the highest close since March 10.
Brent Crude futures moved up $1.10, or 3.2%, to $35.75 a barrel.
According to the data released by the Energy Information Administration (EIA) this morning, crude stockpiles in the U.S. fell by about 5 million barrels in the week ended May 15, as against expectations for an increase of about 1.8 million barrels.
A report released late Tuesday by the American Petroleum Institute said crude inventories in the U.S. decreased by 4.8 million barrels in the week to May 15.
The EIA report said gasoline inventories rose 2.8 million barrels last week, compared with a decline of 3.5 million barrels for the previous week.
Meanwhile, distillate stockpiles rose 3.8 million barrels last week, after seeing a 3.5 million barrels rise a week earlier.