Oil prices declined on Wednesday after report showed an increase in U.S. crude stockpile.
Crude oil inventories rose by 1.9 million barrels in the November 10 week to 459.0 million, higher than market expectations, according to U.S. Energy Information Administration Wednesday.
Analysts said rising U.S. stockpile combined with downbeat global demand outlook renewed investors' concern about lingering global glut.
On Tuesday, the International Energy Agency cut its oil demand growth forecast by 100,000 barrels per day for both 2017 and 2018.
The West Texas Intermediate for December delivery was down 0.37 U.S. dollar to settle at 55.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.34 dollar to close at 61.87 dollars a barrel on the London ICE Futures Exchange.
Crude oil inventories rose by 1.9 million barrels in the November 10 week to 459.0 million, higher than market expectations, according to U.S. Energy Information Administration Wednesday.
Analysts said rising U.S. stockpile combined with downbeat global demand outlook renewed investors' concern about lingering global glut.
On Tuesday, the International Energy Agency cut its oil demand growth forecast by 100,000 barrels per day for both 2017 and 2018.
The West Texas Intermediate for December delivery was down 0.37 U.S. dollar to settle at 55.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.34 dollar to close at 61.87 dollars a barrel on the London ICE Futures Exchange.
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