Crude oil futures ended lower on Wednesday, magnifying recent losses, as Energy Information Administration (EIA) in its data showed a sharp increase in gasoline inventories in the week ended December 2nd. Gasoline inventories rose by 5.320 million barrels in the week, beating expectations for a build of 2.707 million barrels. Recession worries also hurt markets after top U.S. banks warned of a recession in 2023 and China reported weak trade balance figures for November. However, Data from Energy Information Administration showed crude inventories fell by 5.187 million barrels last week versus an expected decline of about 3.305 million barrels.
Benchmark crude oil futures for January delivery fell $2.24 or 3 percent at $72.01 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $2.18 or 2.8 percent to settle at $77.11 a barrel on London's Intercontinental Exchange.