06.10.202118:58:00UTC+00Crude Oil Futures Settle Sharply Lower

Crude oil prices drifted lower on Wednesday, coming of multi-year highs, amid concerns about slowing economic growth, high inflation and fears of interest rate hikes from central banks.

Data showing an increase in U.S. crude inventories has raised concerns over slowing fuel demand.

West Texas Intermediate Crude oil futures for November ended down by $1.50 or about 1.9% at $77.43 a barrel, after falling to a low of $77.06.

Natural gas futures for November, which had ended with a hefty gain on Tuesday, tumbled $0.64 or more than 10% today to settle at $5.675/mln Btus.

Brent crude futures were down $1.48 or 1.79% at $81.08 a barrel a little while ago.

Data released by U.S. Energy Information Administration (EIA) this morning showed crude stockpiles increased by 2.35 million barrels last week, beating expectations for a drop of 418,000 barrels.

Gasoline inventories increased by 3.26 million barrels in the week ended October 1, while distillates stockpiles dropped by 396,000 barrels in the week.

The report also said crude production increased to 11.3 million barrels per day.

A report released by the American Petroleum Institute late Tuesday showed U.S. crude inventories rose by 951,000 barrels in the week to October 1. Gasoline and distillate fuel inventories rose as well last week.