Oil prices kept rising on Wednesday as official data showed an unexpected drop in the U.S. crude stockpiles.
U.S. crude oil inventories were down 2.6 million barrels to 428.3 million last week, said the Energy Information Administration (EIA) in its weekly report on Wednesday. Analysts had expected an increase of 2.5 million barrels.
Gasoline stocks fell by 1.7 million barrels, while distillate stockpiles, which include diesel and heating oil, fell by 2.0 million barrels, said the EIA.
Traders also kept a close eye on the Federal Reserve, which raised interest rates for the first time in 2018 and upgraded its outlook for economic growth after the conclusion of a two-day meeting Wednesday afternoon.
The West Texas Intermediate for May delivery jumped 1.63 U.S. dollars to settle at 65.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 2.03 dollars to close at 69.47 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories were down 2.6 million barrels to 428.3 million last week, said the Energy Information Administration (EIA) in its weekly report on Wednesday. Analysts had expected an increase of 2.5 million barrels.
Gasoline stocks fell by 1.7 million barrels, while distillate stockpiles, which include diesel and heating oil, fell by 2.0 million barrels, said the EIA.
Traders also kept a close eye on the Federal Reserve, which raised interest rates for the first time in 2018 and upgraded its outlook for economic growth after the conclusion of a two-day meeting Wednesday afternoon.
The West Texas Intermediate for May delivery jumped 1.63 U.S. dollars to settle at 65.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 2.03 dollars to close at 69.47 dollars a barrel on the London ICE Futures Exchange.
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