Crude oil futures ended lower on Wednesday as traders chose to take some profits. Further, a firm dollar weighed on oil prices. Oil prices fell despite data showing an unexpected drop in crude oil inventories in the week ended March 15. Data from the Energy Information Administration (EIA) showed crude inventories in the U.S. dropped by nearly 2 million barrels last week versus expectations for a slight increase. The EIA data also showed gasoline inventories slumped by 3.3 million barrels last week, while distillate stockpiles edged up by 0.6 million barrels in the week.
Benchmark crude oil futures for April delivery dropped $1.79 or about 2.1% to settle at $81.68 a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell by $1.43 or about 1.66% to $85.95 per barrel on London's Intercontinental Exchange.