Crude oil futures ended lower with cut of around one percent on Wednesday on concerns about the outlook for oil demand after data showed a contraction in global manufacturing activity. Crude oil futures fell despite data showing a drop in U.S. crude inventories in the week ended August 18. data from U.S. Energy Information Administration (EIA) showed crude inventories in the U.S. fell by 6.1 million barrels last week, more than twice the expected drop of 2.8 million barrels. Gasoline stockpiles climbed 1.5 million barrels last week, as against forecast for a 888,000 barrel drop.
Benchmark crude oil futures for October delivery fell $0.75 or about 0.9 percent to settle at $78.89 a barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $0.82 or 1 percent to settle at $83.21 a barrel on London's Intercontinental Exchange.