15.11.202319:09:00UTC+00Oil Futures Settle Sharply Lower After Big Jump In Crude Stockpile

Crude oil prices tumbled on Wednesday after data showed a sharp increase in U.S. crude stockpiles and a significant jump in crude production.

According to the data released by the U.S. Energy Information Administration (EIA), crude stockpiles in the U.S. increased by 17.5 million barrels in the last two weeks. Crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, twice the expected increase.

The EIA data also showed U.S. crude production was at a record 13.2 million barrels per day.

Gasoline stocks dropped by 1.5 million barrels to 215.7 million barrels, while distillate stockpiles decreased 1.4 million barrels to 106.6 million barrels.

West Texas Intermediate Crude oil futures for December ended down $1.60 or about 2% at $76.66 a barrel, losing ground for the first time in five sessions.

Brent crude futures were down $1.56 or 1.89% at $80.91 a barrel a little while ago.

Data released by the American Petroleum Institute (API) Tuesday evening showed that U.S. crude inventories likely rose 1.3 million barrels in the week to Nov 10.

The International Energy Agency (IEA) on Tuesday raised its oil demand growth forecasts for this year and next but cautioned that oil markets won't be as tight as expected this quarter.