Crude oil futures ended lower on Wednesday as a report from the Energy Information Administration showed U.S. crude oil inventories surged by much more than expected in the week ended February 10th. The report said crude oil inventories spiked by 16.3 million barrels last week compared to estimates for an increase of 1.2 million barrels. However, selling pressure waned as the International Energy Agency raised its forecast for oil demand growth in 2023.
Benchmark crude oil futures for March delivery fell 34 cents or 0.43 percent at $78.93 a barrel on the New York Mercantile Exchange. Brent crude for April delivery lost 27 cents or 0.32 percent at $85.38 a barrel on London's Intercontinental Exchange.