Crude oil futures ended sharply lower on Wednesday, weighed down by data showing a notable increase in crude inventories. Data released by US Energy Information Administration showed crude inventories in the US rose by about 4.3 million barrels in the week ended October 23, rising for the first time in three weeks. The American Petroleum Institute reported Tuesday that US crude inventories rose by 4.6 million barrels to about 495.2 million barrels last week. Further, sentiments were weak on worries about energy demand due to rising coronavirus cases. Several countries, including the US, Germany, France and Spain are seeing sharp spikes in new infections.
Crude oil futures for December fell $2.18 or 5.5 percent to settle at $37.39 a barrel on the New York Mercantile Exchange. December Brent crude dropped $2.10 or 5.1 percent to settle at $41.20 39.10 a barrel on London's Intercontinental Exchange.