Crude oil futures ended lower on Wednesday due to concerns of oversupply. Crude prices came under pressure amid reports indicated that the U.S. is renewing its efforts to end the Russia-Ukraine war and a ceasefire could allow the free flow of Russian oil into the market. Further, data from the American Petroleum Institute showed that the crude oil inventories in the U.S. increased by 4.4 million barrels in the week ending November 14 following a 1.3 million-barrel build the previous week. This third straight weekly build in crude inventories suggests the U.S. is adequately stocked for the year.
Benchmark crude oil futures for December fell $1.30 or 2.14% at $59.44 a barrel on the New York Mercantile Exchange. Brent crude for January delivery slumped $1.38 or 2.13% to settle at $63.51 a barrel on London's Intercontinental Exchange.
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