Crude oil futures ended deeply lower on Wednesday amid uncertainty about the outlook for demand, and easing concerns over supply disruptions in Libya. Crude oil futures fell despite data showing a bigger than expected drop in U.S. crude inventories. Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. tumbled by much more than expected in the week ended September 20th, plunging by 4.5 million barrels in the week, after falling by 1.6 million barrels a week earlier. Street had expected crude oil inventories to decrease by 1.2 million barrels.
Benchmark crude oil futures for November delivery fell $1.87 or 2.6 percent to settle at $69.69 a barrel on the New York Mercantile Exchange. Brent crude for November delivery was down by $1.71 or 2.27 percent to settle at $73.46 a barrel on London's Intercontinental Exchange.