Crude oil futures ended lower on Wednesday after data showed a larger than expected increase in US crude stockpiles in the week ended October 22nd. Data released by US Energy Information Administration (EIA) showed crude oil inventories increased by about 4.3 million barrels last week, more than twice the expected increase of 1.9 million barrels. The American Petroleum Institute said on Tuesday that crude oil inventories rose 2.3 million barrels in the week ending October 22, while street had expected a 1.9 million barrel gain. Besides, oil prices were also weighed down by prospects of Iran freeing itself from US sanctions and starting to sell oil to major importers again.
Benchmark crude oil futures for December delivery fell $1.99 or about 2.35% to settle at $82.66 a barrel on the New York Mercantile Exchange. Brent crude for December delivery declined $1.70 or 2.01 percent to settle at $83.95 a barrel on London's Intercontinental Exchange.