Crude oil futures ended deeply in red on Wednesday on rising crude inventories in the US. Data from Energy Information Administration (EIA) showed crude inventories in the US rose by 4.1 million barrels last week, rising for a sixth straight week. Crude inventories were expected to rise just 0.4 million barrels last week. Gasoline inventories increased by 2.6 million barrels last week, while distillate stockpiles rose by 2.3 million barrels in the week. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, decided to keep their output policy unchanged.
Benchmark crude oil futures for March delivery fell $2.46 or 3.1 percent at $76.41 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $2.62 or 3.1 percent at $82.84 (Provisional) a barrel on London's Intercontinental Exchange.