Oil Settles Lower on Wednesday as Data Reveals Crude Supply Jump

Oil futures settled slightly lower on Wednesday as domestic crude supplies rose for the first time in five weeks, according to Bloomberg MarketWatch.

December West Texas Intermediate crude fell 29 cents, or 0.6%, to settle at $52.18 a barrel on the New York Mercantile Exchange.

December Brent crude, the global benchmark, edged up by 11 cents, or 0.2%, to end trading at $58.44 a barrel on the ICE Futures Europe Exchange.

Earlier Wednesday, the U.S. Energy Information Administration reported that domestic crude supplies rose by 900,000 barrels for the week ending October 20.

Analysts and traders surveyed by The Wall Street Journal predicted a decline of 2.2 million barrels for crude stockpiles, while analysts polled by S&P Global Platts forecasted a fall of 425,000 barrels. Late Tuesday, the American Petroleum Institute revealed a 519,000-barrel increase in crude supplies for last week.

Meanwhile, November natural gas settled at $2.919 per million British thermal units, down 1.9%, on the New York Mercantile Exchange.

 

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