WASHINGTON (dpa-AFX) - Oil futures settled lower on Wednesday, snapping a seven-day winning streak, as data showed a big increase in crude inventories in the U.S. in the week date February 10th.
Oil prices climbed higher earlier in the session, on concerns about supply after Israel launched airstrikes in Lebanon, retaliating after rockets were fired into Northern Israel.
Meanwhile, shipping firm Maersk has reportedly advised its customers that disruptions to shipping in the Red Sea will likely continue into the second half of this year.
West Texas Intermediate Crude oil futures for March ended down $1.23 or about 1.6% at $76.64 a barrel.
Brent crude futures settled lower by $1.17 or about 1.4% at $81.60 a barrel.
Data from Energy Information Administration (EIA) showed crude inventories in the U.S. rose by 12 million barrels ast week, nearly five times the expected increase.
Gasoline stockpiles dropped by about 3.7 million barrels to 247.3 million barrels last week, while distillate stockpiles fell by 1.9 million barrels to 125.7 million barrels.
The EIA data also showed that crude stocks at the Cushing, Oklahoma, delivery hub rose by 710,000 barrels last week.
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