Crude oil futures ended deeply lower on Wednesday, magnifying their previous session’s losses, after the U.S. Federal Reserve raised interest rates. Crude oil prices fell on concerns about economic growth and the outlook for energy demand as well as data showing an increase in gasoline inventories. Meanwhile, data released by Energy Information Administration (EIA) showed gasoline inventories rose by 1.7 million barrels last week compared to an expected drop of 1.2 million barrels. However, data showed that crude inventories dropped by 1.3 million barrels last week versus forecasts for a 1.1 million barrel drop.
Benchmark crude oil futures for June delivery fell $3.06 or 4.3 percent to settle at $68.60 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $2.99 or 4 percent to settle at $72.33 a barrel on London's Intercontinental Exchange.