Oil prices dropped on Wednesday after as a slump in U.S. crude inventories was offset by a larger-than-forecast rise in gasoline stockpiles.
The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. crude inventories fell by 5.1 million barrels last week, compared with analysts' expectations for a decrease of 3.8 million barrels.
Meanwhile, gasoline stocks rose by 5.7 million barrels, beating market expectations for a 2.5 million-barrel gain.
The West Texas Intermediate for January Delivery lost 0.54 dollar to settle at 56.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery erased 0.90 dollar to close at 62.44 dollars a barrel on the London ICE Futures Exchange.
The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. crude inventories fell by 5.1 million barrels last week, compared with analysts' expectations for a decrease of 3.8 million barrels.
Meanwhile, gasoline stocks rose by 5.7 million barrels, beating market expectations for a 2.5 million-barrel gain.
The West Texas Intermediate for January Delivery lost 0.54 dollar to settle at 56.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery erased 0.90 dollar to close at 62.44 dollars a barrel on the London ICE Futures Exchange.
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