Crude oil futures ended lower on Wednesday after data showed an unexpected increase in U.S. crude inventories in the week ended January 5th. Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. rose by 1.338 million barrels last week, as against forecasts for a decline of about 700,000 barrels. Gasoline stocks increased 8 million barrels last week to 245 million barrels, while distillate stockpiles rose by 6.5 million barrels last week to 132.4 million barrels, the highest level since September 2021.
Benchmark crude oil futures for February delivery fell by $0.87 or 1.20 percent to settle at $71.37 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped by $0.79 or 1.02 percent to settle at $76.8 a barrel on London's Intercontinental Exchange.