Crude oil futures ended higher on Wednesday, hitting their highest level in three and a half years following a surprise decline in weekly U.S. crude supplies and expectations that major oil producers will remain committed to curbing production. The U.S. Energy Information Administration (EIA) said crude supplies fell by 1.1 million barrels for the week ended April 13. Traders were also looking ahead to the outcome of the joint Organization of the Petroleum Exporting Countries and non-OPEC ministerial monitoring committee meeting expected to be held later this week.
Benchmark crude oil futures for May delivery surged $1.95 or 2.9 percent to settle at $68.47 a barrel on the New York Mercantile Exchange. June Brent crude gained $1.90 or 2.7 percent to settle at $73.48 a barrel on London's Intercontinental Exchange.