WASHINGTON (dpa-AFX) - Oil prices drifted lower on Wednesday on weak demand and data showing an increase in U.S. crude inventories in the week ended November 15th.
Reports that Norway's Equinor has restored full output capacity at the Johan Sverdrup oilfield in the North Sea weighed as well on oil prices.
Oil prices climbed higher earlier in the session, as escalating geopolitical tensions raised possibility of some disruptions in supply.
West Texas Intermediate crude oil futures for December closed down $0.52 or about 0.75% at $68.87 a barrel.
Brent crude furures settled at $72.81 a barrel, down $0.50 or about 0.68%.
Data from U.S. Energy Information Administration (EIA) showed crude oil inventories crept up by 0.5 million barrels last week, after rising by 2.1 million barrels in the previous week.
At 430.3 million barrels, U.S. crude oil inventories remain about 4% below the five-year average for this time of year, the EIA said.
The report also said gasoline inventories rose by 2.1 million barrels last week but are about 4% below the five-year average for this time of year.
Meanwhile, distillate fuel inventories, which include heating oil and diesel, edged down by 0.1 million barrels last week and are about 4% below the five-year average for this time of year.
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