Crude oil futures ended lower on Wednesday, coming of multi-year highs, on concerns about slowing economic growth, high inflation and fears of interest rate hikes from central banks. Further, data showing an increase in US crude inventories has raised concerns over slowing fuel demand. Data released by US Energy Information Administration (EIA) showed crude stockpiles increased by 2.35 million barrels last week (October 1) versus expectations for a drop of 418,000 barrels. Gasoline inventories increased by 3.26 million barrels in the week ended October 1, while distillates stockpiles dropped by 396,000 barrels in the week. The report also said crude production increased to 11.3 million barrels per day. A report released by the American Petroleum Institute on Tuesday showed US crude inventories rose by 951,000 barrels in the week to October 1.
Benchmark Crude oil futures for November delivery dropped $1.50 or about 1.9 percent to settle at $77.43 barrel on the New York Mercantile Exchange. Brent crude for December delivery fell $1.48 or about 1.79 percent to settle at $81.08 a barrel on London's Intercontinental Exchange.