Crude oil futures end lower on unexpected increase in inventories

Crude oil futures ended lower on Wednesday, after moving higher over the two previous sessions, on unexpected increase in inventories. The Energy Information Administration (EIA) released a report unexpectedly showing a weekly increase in crude oil inventories. 

 

Crude inventories rose by 1.6 million barrels in the week ended November 22 as compared to Street estimate for a decrease of about 0.3 million barrels. The American Petroleum Institute had reported on Tuesday that US crude supplies rose by roughly 3.6 million barrels for the week ended November 22. 

 

Besides, The EIA said gasoline inventories also surged up by 5.1 million barrels during the week, while distillate fuel inventories increased by 0.7 million barrels.

Benchmark crude oil futures for January fell 30 cents or 0.5 percent to settle at $58.11 a barrel on the New York Mercantile Exchange. January Brent lost 21 cents or 0.3 percent to settle at $64.06 a barrel on London's Intercontinental Exchange.

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