Crude oil futures ended lower on Wednesday, weighed by a stronger dollar and data showing a surge in US crude stockpiles last week. The dollar rose to a new yearly high, with the index climbing to 94.43. Data released by US Energy Information Administration (EIA) showed crude stockpiles increased by about 4.6 million barrels in the week ended September 24, rising for the first time in eight weeks. Markets had expected crude stockpiles to see a drop of 4.5 million barrels in the week. The EIA's report also showed gasoline inventories rose by 200,000 barrels last week versus an expected increase of about 700,000 barrels, and distillate stockpiles rose by 400,000 barrels compared to an expected decline of 2.2 million barrels. The American Petroleum Institute on Tuesday reported crude oil inventories rose by 4.1 million barrels last week.
Benchmark Crude oil futures for November delivery fell $0.46 or 0.6 percent to settle at $74.83 barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped $0.45 or 0.6 percent to settle at $79.64 a barrel on London's Intercontinental Exchange.