Oil futures ended Wednesday at their lowest in just over a week after the Energy Information Administration reported a larger-than-expected weekly U.S. crude-supply increase of almost 6 million barrels, but gasoline inventories declined a bit more than forecast.
West Texas Intermediate crude for December delivery fell 48 cents, or 0.9%, to settle at $55.06 a barrel on the New York Mercantile Exchange. Front-month December Brent crude which expires at Thursday’s settlement, fell by 98 cents, or 1.6%, to $60.61 a barrel on ICE Futures Europe. Both crude benchmarks marked their lowest settlements since Oct. 22, according to Dow Jones Market Data.
The EIA on Wednesday reported that U.S. crude supplies rose by 5.7 million barrels for the week ended Oct. 25. Crude supplies were forecast to increase by 2.5 million barrels, according to analysts polled by S&P Global Platts.