The West Texas Intermediate for December delivery shed 3.05 U.S. dollars, or 3.6 percent, to settle at 80.86 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 2.73 dollars, or 3.2 percent, to close at 81.99 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories increased by 3.3 million barrels during the week ending Oct. 29, the U.S. Energy Information Administration (EIA) reported on Wednesday. Analysts polled by S&P Global Platts had expected U.S. crude supplies to show a climb of 300,000 barrels.
According to the EIA, total motor gasoline inventories decreased by 1.5 million barrels last week, while distillate fuel inventories increased by 2.2 million barrels.
Meanwhile, traders are awaiting a meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Thursday.
Despite growing pressure from the major oil consuming countries, the alliance is expected to stick to its plan for gradual, monthly production increases of 400,000 barrels per day, according to analysts.
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