Crude oil futures ended lower on Wednesday weighed down by data showing a sharp increase in crude oil stockpiles in the US in the week ended October 4. Data released by US Energy Information Administration (EIA) showed that crude inventories in the US rose by 15.2 million barrels last week, as against expectations for a 1.42 million-barrel decline. Further, concerns about near-term energy demand due to the continued surge in coronavirus in several states in the US, and in many countries across the world weighed as well on oil prices.
Crude oil futures for January dropped $0.08 or 0.2 percent to settle at $45.52 a barrel on the New York Mercantile Exchange. February Brent crude lost $0.10 or 0.2 percent to settle at $48.74 a barrel on London's Intercontinental Exchange.