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Crude Oil Futures Settle Slightly Higher

Crude oil futures ended slightly higher on Wednesday, with traders reacting to weekly inventory data.

Traders also noted a report that PBF Energy, a refinery producing diesel in Louisiana, was shut after a fire on Saturday. The disruption is expected to last at least a month.

West Texas Intermediate Crude oil futures for March settled at $80.15 a barrel, up just 2 cents from the previous close.

Brent crude futures for March ended down 1 cent at $86.12 a barrel.

Data from U.S. Energy Information Administration (EIA) showed crude inventories in the country rose by 0.533 million barrels in the week ended January 20th, less than an expected increase of 0.971 million barrels.

Gasoline stockpiles were up 1.763 million barrels last week, almost in line with an expected increase of 1.767 million barrels, while distillate stockpiles dropped by 0.507 million barrels, as against an expected decline of 1.121 million barrels.

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