Crude oil futures continued their bearish trend on Wednesday despite the report U.S. crude oil stockpiles fell for the second straight week. Traders were concerned with sharp uptick in exports which could dampen OPEC's efforts to reduce supply. Meanwhile The Energy Information Administration reported that US crude inventories dropped by 6 million barrels last week. However, total motor gasoline inventories increased 1.6 million barrels last week, and are in the upper half of the average range, while distillate stockpiles fell by 2.6 barrels, topping expectations of a decline of 1.8 m barrels. 

Also weighing on crude oil prices was the prospect of an uptick in global supply as Libya restarted its largest oil field after gunmen forced a shutdown of the field over the weekend. Benchmark crude oil futures for November delivery ended lower by $0.44 or 0.9 percent at $49.98 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 0.19 cents to $55.81 a barrel on the ICE.

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