Commodity Market Tips: Crude Oil Futures Decline On Concerns Over A Surge In US Production

Crude oil futures fell on Wednesday for the first time in three days, as concerns over a surge in US production weighed on upside momentum while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose for the first time in five weeks and gasoline supplies fell more-than-expected failed to lift sentiment. EIA said that inventories rose by 900,000 barrels for the week ended Oct. 20. Gasoline stockpiles dropped by 5.5 million barrels for the week, while distillate stockpiles fell 5.2 million barrels.

Benchmark crude oil futures for December delivery ended lower by 29 cents at $52.18 a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 17 cents to $58.16 a barrel on the ICE.

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