Crude oil futures ended marginally lower on Wednesday despite a data showed a drop in crude inventories in the U.S., and the production cut decision by the OPEC and allies. Data released by Energy Information Administration (EIA) showed crude inventories fell by 3.7 million barrels in the week ended March 31. The data also showed gasoline and distillate stockpiles dropped by 4.1 million barrels and 3.6 million barrels, respectively last week.
Benchmark crude oil futures for May delivery lost $0.10 or nearly 0.12 percent to settle at $80.61 a barrel on the New York Mercantile Exchange. However, Brent crude for June delivery added $0.05 or 0.06 percent to settle at $84.99 a barrel on London's Intercontinental Exchange.