Oil prices dropped on 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 2.85 million barrels to 482.8 million in the week to October 30. It was the sixth consecutive increase.
Analysts had expected U.S. crude oil inventories to rise by 2.8 million barrels.
Gasoline inventories decreased by 3.3 million barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, fell by 0.2 million barrels.
U.S. crude oil imports dropped by 89,000 barrels per day.
Refineries in the U.S. were running at 88.7% of capacity, up from 87.6% the previous week.
Oil prices yesterday rose sharply on concerns over oil supply from Libya and Brazil. Oil workers on Sunday began a strike at state-owned oil producer Petroleo Brasileiro. Libya's oil company National Oil Corp. declared force majeure and suspended deliveries from the port of Zueitina.
WTI crude oil for December delivery declined to $46.41 a barrel on the New York Mercantile Exchange.
Brent crude oil for December fell to $48.84 a barrel on ICE Futures Europe.