Oil prices settle higher after EIA data show a decline in U.S. crude supplies

Oil futures climbed on Wednesday, buoyed by a weekly decline in U.S. crude supplies, even as gasoline stockpiles edged higher.

While much of the data, like the rise in crude production, is "still reflective of temporary hurricane impacts, this week's [Energy Information Administration] report did offer a glimpse into what is likely to come in the weeks ahead" with the reported 1.5 million barrel drop in crude stocks at the Cushing, Okla., storage hub, said Troy Vincent, market analyst at DTN.

West Texas Intermediate crude for November delivery rose $1.74, or 2.5%, to settle at $72.23 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since Thursday, FactSet data show.