Crude oil futures ended lower on Wednesday amid concerns about the outlook for demand. Concerns about economic slowdown in China and weak outlook for demand from the nation weighed on oil prices. Crude oil fell despite data showing a big drop in U.S. crude inventories in the week ended August 16. Data from the Energy Information Administration (EIA) showed crude inventories in the U.S. fell by 4.6 million barrels last week, after rising by 1.4 million barrels a week earlier. Oil inventories were expected to drop by 2.8 million barrels.
Benchmark U.S. crude oil futures for October delivery fell $1.24 or about 1.7% to $71.93 per barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $1.15 or nearly 1.49% to $76.05 per barrel on London's Intercontinental Exchange.