Oil prices traded lower on the U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 1.18 million barrels to 489.4 million in the week to November 27. It was the tenth consecutive increase.
Analysts had expected U.S. crude oil inventories to decline by 1.25 million barrels.
Gasoline inventories increased by 135,000 barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, climbed by 428,000 million barrels.
U.S. crude oil imports increased by 414,000 barrels per day.
Refineries in the U.S. were running at 94.5% of capacity, up from 92.0% the previous week.
Market participants are awaiting the release of the results of the OPEC meeting. The OPEC will meet in Vienna on December 04 to decide on the oil output limit. Analysts expect the OPEC to keep its output limit unchanged.
WTI crude oil for January delivery declined to $40.70 a barrel on the New York Mercantile Exchange.
Brent crude oil for January fell to $43.30 a barrel on ICE Futures Europe.