Crude oil futures ended lower on Wednesday as data showed a larger than expected increase in crude oil inventories in the U.S. in the week ended October 18th. The EIA data said crude oil inventories jumped by 5.5 million barrels last week after slumping by 2.2 million barrels in the previous week. At 426.0 million barrels, U.S. crude oil inventories remain about 4% below the five-year average for this time of year. The report also said gasoline inventories rose by 0.9 million barrels last week but are about 3% below the five-year average for this time of year. Besides, uncertainty about the outlook for demand from China, and a stronger dollar also weighed on oil prices.
Benchmark crude oil futures for November delivery fell $0.97 or about 1.35 percent to settle at $70.77 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $1.08 or about 1.42 percent to settle at $74.96 a barrel on London's Intercontinental Exchange.