Crude oil futures ended lower on Wednesday after data showed an unexpected rebound in crude oil inventories in the U.S. in the week ended May 17th. According to the data released by the Energy Information Administration (EIA), crude inventories in the U.S. increased by 1.8 million barrels last week, after falling by 2.5 million barrels in the previous week. Crude oil inventories were expected to drop by 3.1 million barrels in the week. Besides, concerns about the outlook for oil demand, and Fed interest rates weighed as well on oil prices.
Benchmark crude oil futures for June delivery fell $1.09 or more than 1.4% to settle at $77.57 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $0.98 or 1.18% to $81.9 per barrel on London's Intercontinental Exchange.