Crude oil futures ended deeply in red on Wednesday amid rising concerns about the outlook for energy demand. Data showing a sharp jump in crude oil inventories in the U.S. also weighed on oil prices. A report from the American Petroleum Institute showed crude oil stockpiles increased by nearly 12 million barrels in the week ended November 3. Meanwhile, oil inventory data from Energy Information Administration (EIA) will be out only next week. EIA said the data will be delayed to enable completion of a planned systems upgrade.
Benchmark crude oil futures for December delivery fell $2.04 or 2.6 percent to settle at $75.33 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $2.07 or 2.54 percent to settle at $79.54 a barrel on London's Intercontinental Exchange.