Crude oil futures end lower amid oversupply concerns
Data released by the U.S. Energy Information Administration said crude oil inventories rose by 5.202 million barrels for the week ending October 31
Crude oil futures ended lower on Wednesday amid concern about oversupply and lower demand, which weighed on investors’ sentiment. Further, data released by the U.S. Energy Information Administration said crude oil inventories rose by 5.202 million barrels for the week ending October 31. Besides, production increase from OPEC+ as well as non-member countries continue weigh on crude oil prices.
Benchmark crude oil futures for December fell $1.45 or 2.38% at $59.60 a barrel on the New York Mercantile Exchange. Brent crude for January delivery slumped $1.37 or 2.11% to settle at $63.52 a barrel on London's Intercontinental Exchange.
