The West Texas Intermediate for December delivery rose 1.49 U.S. dollars to settle at 39.15 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 1.52 dollars to close at 41.23 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 8.0 million barrels during the week ending Oct. 30, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. On average, analysts polled by S&P Global Platts had forecast a weekly decrease of 600,000 barrels for the EIA data.
Prices were also supported by optimistic signals from OPEC and its allies (OPEC+) that the voluntary production cuts could be extended beyond the end of the year.
Meanwhile, market participants are watchfully tracking election-related news as the U.S. vote counting continues.
"A knife-edge election result and possible rounds of mud-slinging in U.S. courts could hardly be worse news for markets because of the uncertainty that this would generate," Eugen Weinberg, analyst at Commerzbank Research, said in a note on Wednesday.
"In this kind of situation, the market's focus would probably be distracted considerably by short-term political news, with the result that fundamental data would be virtually ignored," he added.
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