WASHINGTON (dpa-AFX) - Despite data showing a larger than expected fall in U.S. crude inventories in the week ended January 3rd, oil futures closed lower on Wednesday.
A sharp increase in gasoline stockpiles and a stronger dollar weighed on oil prices.
West Texas Intermediate Crude oil futures for February ended lower by $0.93 or about 1.25% at $73.32 a barrel.
Brent crude futures settled at $76.23 a barrel, down $0.89 or 1.16%.
Data released by the Energy Information Administration (EIA) showed crude oil inventories in the U.S. fell by 1.0 million barrels last week after falling by 1.2 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.3 million barrels.
At 414.6 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year, the report said.
Meanwhile, the report said gasoline inventories surged by 6.3 million barrels last week but remain about 1% below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also jumped by 6.1 million barrels last week but remain about 4% below the five-year average for this time of year, the EIA said.
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