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Oil Futures Settle Sharply Higher

Oil futures settled higher on Wednesday, snapping a three-day losing streak, amid likely disruptions in supply due to the tensions in the Middle East.

Weak economic data from the euro area, and data showing an increase in U.S. crude inventories in the week ended October 20, limited oil’s upside.

West Texas Intermediate Crude oil futures for November ended higher by $1.65 or about 1.97% at $85.39 a barrel.

Brent crude futures settled at $90.13 a barrel, gaining $2.06 or about 2.34%.

Data from U.S. Energy Information Administration (EIA) showed crude inventory increased by 1.372 million barrel last week, as against forecast for a drop of 0.45 million barrels.

Gasoline inventory rose by 0.156 million barrels last week, as against forecast for a decline of 1.266 million barrels, while distillate stockpiles dropped by 1.686 million barrels, slightly lower than an expected drop of 1.75 million barrels.

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