Crude oil futures ended deeply in red on Wednesday weighed down by data showing an increase in US crude stockpiles, and on worries about outlook for energy demand from Asian countries. Data released by Energy Information Administration (EIA) showed crude oil inventories in the US increased by 1.321 million barrels last week (May 14), less than an expected increase of 1.623 million barrels. The American Petroleum Institute reported on Tuesday that crude inventories rose by 620,000 barrels for the week ended May 14. Besides, growing concerns about inflation and fears that central banks might consider tightening their monetary policies weighed as well on oil prices. The potential of Iranian supply returning also weighed.
Crude oil futures for June fell $2.13 or about 3.3 percent to settle at $63.36 barrel on the New York Mercantile Exchange. July Brent crude dropped $2.16 or 3.1 percent to settle at $66.55 a barrel on London's Intercontinental Exchange.