Crude oil futures ended deeply lower on Wednesday, magnifying their previous session’s losses, weighed down by official data showing a jump in crude stockpiles in the week ended November 4th. Data released by US Energy Information Administration (EIA) showed crude stockpiles surged 3.9 million barrels last week to 440.8 million barrels. Further, a stronger US dollar also weighed on crude oil prices. The dollar surged higher against most of its major rivals with, traders looking ahead to the crucial US consumer price inflation data due on Thursday.
Benchmark crude oil futures for December delivery fell $3.08 or about 3.5 percent at $85.83 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $2.71 or about 2.8 percent to settle at $92.65 a barrel on London's Intercontinental Exchange.