Oil futures traded higher Wednesday after the Energy Information Administration reported a drop in U.S. crude inventories. West Texas Intermediate crude for February delivery CLG22, +0.86% CL00, +0.86% traded at $77.04 a barrel on the New York Mercantile Exchange, up $1.05, or 1.5%. The EIA said crude inventories fell by 3.576 million barrels in the week ended Dec. 24., while sources said the American Petroleum Institute late Tuesday reported crude-oil inventories fell 3.09 million barrels for the same weekly period. EIA also reported that gasoline supplies declined by 1.458 million barrels, as distillate stocks fell by 1.726 million barrels. However, crude supplies in Cushing, Okla., increased by 1.055 million barrels, the agency reported.
