Crude oil futures settled above $45 a barrel on Wednesday after posting slight losses for the day, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, December West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $45.57 a barrel after a brief spike well above $46. Prices were trading above $45 prior to the release of the supply data reports.
On the London ICE Futures Exchange, January Brent crude, the global benchmark, shed 32 cents, or 0.7%, to end trading at $46.63 a barrel.
The U.S. Energy Information Administration reported that domestic crude supplies for the week ending November 11 rose by 5.3 million barrels. Analysts polled by S&P Global Platts expected a decline of 2 million barrels, while the American Petroleum Institute reported a rise of 3.65 million barrels by late Tuesday.
OPEC members have proposed trimming production output to fall within 32.5 million and 33 million barrels a day. The cartel pumped a record 33.83 million barrels a day in October.
Meanwhile, December natural gas was the bright spot of the day, climbing 5.5 cents, or 2%, to end trading at $2.764 per million British thermal units on the New York Mercantile Exchange, ahead of the EIA update on domestic natural gas supplies due Thursday.