U.S. oil futures settled lower on Wednesday for the first time in five sessions after the Energy Information Administration reported a more than 17 million-barrel climb in U.S. commercial crude inventories for the two-week period ending Nov. 10. Meanwhile, domestic oil production holding steady at a record high 13.2 million barrels per day and a near 2 million-barrel rise in crude stocks at the Cushing, Okla., Nymex delivery hub last week were “both modest negatives for the oil price outlook,” said Tyler Richey, co-editor at Sevens Report Research. December West Texas Intermediate crude
CLZ23,
declined by $1.60, or 2%, to settle at $76.66 a barrel on the New York Mercantile Exchange.
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