Supplies of the energy commodity fell 964,000 barrels to 371.6 million barrels for week ended December 14, according to a report released on Wednesday by the federal department. Another factor boosting the price of the energy commodity was conjecture about U.S. lawmakers reaching an agreement on fiscal cliff negotiations.
"The divide between the two parties … now appears to be just a hop, skip and jump away from a resolution being reached if recent market trajectory is anything to go by," states a note penned by senior trader Tim Waterer with CMC Markets in Sydney, according to Reuters.
At 11:17 a.m. on Wednesday, Brent crude oil futures gained 1.12 percent, a $1.22 lift to $110.07 per barrel. At 11:18 a.m., WTI crude oil futures increased 1.6 percent, a $1.41 gain to $89.38 per barrel.
A strong December business sentiment survey released by a German think tank also allayed concerns about the economic outlook in the euro zone, Reuters reports.
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