Oil futures finished lower on Wednesday after U.S. government data showed an unexpected climb in domestic supplies of crude oil, as well as sizable gains in gasoline and distillate stockpiles.
Prices showed little reaction to the Federal Reserve’s decision to hold its benchmark interest rate unchanged in a range of 1.5% and 1.75%.
On Wednesday, West Texas Intermediate crude for January delivery declined 48 cents, or 0.8%, to settle at $58.76 a barrel on the New York Mercantile Exchange. On Tuesday, it settled at $59.24, its highest front-month contract settlement since Sept. 17, according to Dow Jones market Data.
February Brent crude lost 62 cents, or 1%, to end at $63.72 a barrel on ICE Futures Europe.