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Crude oil futures end lower as crude stockpiles rise

14 Sep 2023 Evaluate

Crude oil futures ended lower on Wednesday as crude stockpiles rose. Data from U.S. Energy Information Administration (EIA) showed crude inventories rose by 3.954 million barrels in the week ended September 8th versus expectations for a decrease of 1.912 million barrels. Meanwhile, gasoline stock piles increased by 5.56 million barrels last week, much larger than an expected rise of 237,000 barrels, while distillate stockpiles rose by 3.931 million barrels, about 3 times the expected increase of 1.303 million barrels.

Benchmark crude oil futures for October delivery fell $0.32 or 0.4 percent to settle at $88.52 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost $0.18 or 0.20 percent to settle at $91.88 a barrel on London's Intercontinental Exchange.