Crude oil futures snapped their gaining streak and ended at seven month low on Wednesday, after US government data showed a smaller-than-expected weekly decline in domestic supplies and an increase in gasoline stockpiles and crude production. The US Energy Information Administration (EIA) reported that domestic crude supplies fell by 1.7 million barrels for the week ended June 9. Gasoline stockpiles rose 2.1 million barrels, while distillate stockpiles edged up by 300,000 barrels last week, according to the EIA. 

At 242.4 million, U.S. gasoline inventories were 9 percent higher than the five-year average as demand was down 1.2 percent over the last four weeks when compared with a year ago. Benchmark crude oil futures for July delivery ended lower by $1.73 or 3.7% to $44.73 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended lower by $ 1.72 or 3.5 percent to $47 on the ICE.

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