Crude oil futures ended lower on Wednesday on Concerns about outlook for energy demand amid continued rise in coronavirus cases and imposition of tighter restrictions on movements hurt oil prices. Oil prices dropped despite data showing a larger than expected drop in crude inventories last week. Data released by Energy Information Administration (EIA) showed crude inventories fell 3.247 million barrels for the week ending January 8, compared with street expectation for a 2.26 million-barrel draw. The American Petroleum Institute's report showed crude inventories in the US dropped by 5.8 million barrels for the week ending January 8.
Crude oil futures for February fell $0.30 or 0.6 percent to settle at $52.91 a barrel on the New York Mercantile Exchange. March Brent crude dropped $0.53 or 0.94 percent to settle at $56.05 a barrel on London's Intercontinental Exchange.