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Crude oil futures end lower on Wednesday

09 Jan 2025 Evaluate

Crude oil futures ended lower on Wednesday despite data released by the Energy Information Administration (EIA) showed crude oil inventories in the U.S. fell by 1.0 million barrels last week after falling by 1.2 million barrels in the previous week. Street had expected crude oil inventories to edge down by 0.3 million barrels. At 414.6 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year. Meanwhile, the report said gasoline inventories surged by 6.3 million barrels last week but remain about 1% below the five-year average for this time of year.

Benchmark crude oil futures for February fell $0.93 or about 1.25 percent to settle at $ 73.32 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $ 0.89 or about 1.16 percent to settle at $76.23 a barrel on London's Intercontinental Exchange.


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