Crude oil futures ended lower on Wednesday as traders seemingly bet on a likely drop in supplies due the ongoing tensions in the Middle East. Israel's ambassador to the United Nations, Danny Danon, vowed that Israel will exact a painful response against Iran. Danon's threat came after Iran launched around 180 ballistic missiles at Israel in retaliation for the assassination of top Hamas and Hezbollah leaders. However, data from the Energy Information Administration (EIA) showed crude oil inventories jumped by 3.9 million barrels in the week ended September 27th, after slumping by 4.5 million barrels in the previous week.
Benchmark crude oil futures for November delivery rose $0.27 or 0.39 percent to settle at $70.10 a barrel on the New York Mercantile Exchange. Brent crude for November delivery up by $0.34 or 0.46 percent to settle at $73.90 a barrel on London's Intercontinental Exchange.