The West Texas Intermediate for December delivery shed 2.4 U.S. dollars, or 3 percent, to settle at 78.36 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 2.15 dollars, or 2.6 percent, to close at 80.28 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 2.1 million barrels during the week ending Nov. 12, the U.S. Energy Information Administration (EIA) reported on Wednesday. On average, analysts polled by S&P Global Platts had expected a decrease of 2.5 million barrels.
According to the EIA, total motor gasoline inventories decreased by 0.7 million barrels last week, while distillate fuel inventories decreased by 0.8 million barrels.
Traders continued to weigh risks from the supply side.
In their respectively monthly reports, both the Organization of the Petroleum Exporting Countries and the International Energy Agency predicted an oversupply on the oil market next year.
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