The West Texas Intermediate for April delivery settled 0.40 U.S. dollar lower at 46.78 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell 0.73 dollar to settle at 51.13 dollars a barrel on the London ICE Futures Exchange.
For the week ending Feb. 28, U.S. commercial crude oil inventories increased by 800,000 barrels from the previous week, according to the U.S. Energy Information Administration.
At 444.1 million barrels, U.S. crude oil inventories are about 4 percent below the five year average for this time of year, according to the administration.
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