Crude oil futures ended lower on Wednesday after data from U.S. Energy Information Administration (EIA) showed crude inventory in the U.S. rose by 0.774 million barrels in the week ended October 27. The EIA data also showed gasoline stockpiles increased by 0.1 million barrels last week, as against forecasts for a drop of about 0.8 million barrels, while distillate stockpiles fell by 0.8 million barrels in the week, against expectations for a 1.5 million-barrel drop. Besides, oil prices fell amid concerns that higher borrowing costs will likely hurt growth and the outlook for fuel demand. The Federal Reserve decided to leave interest rates unchanged at 5.25 to 5.5%, in an effort to support its dual goals of maximum employment and inflation at a rate of 2% over the longer run.
Benchmark crude oil futures for December delivery fell $0.58 or 0.7 percent to settle at $80.44 a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost $0.19 or 0.22 percent to settle at $84.83 a barrel on London's Intercontinental Exchange.