Oil futures continued their rebound off multiyear lows Wednesday, ending sharply higher after data revealed U.S. crude inventories posted an unexpectedly large decline last week.On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +0.64% rose $1.36, or 3.8%, to end at $37.50 a barrel. February Brent crude on London’s ICE Futures exchange LCOG6, +0.64% gained $1.25, or 3.5%, to finish at $37.36 a barrel, ending a five-session losing streak.
Oil extended gains after the Energy Information Administration said crude stockpiles fell by 5.9 million barrels in the week ended Dec. 18. Analysts surveyed by The Wall Street Journal had penciled in a rise of 600,000 barrels, while the American Petroleum Institute, on Tuesday, reported a 3.6 million barrel decline.
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