WASHINGTON (dpa-AFX) - Crude oil prices drifted lower on Wednesday after data showed a jump in U.S. crude inventories for a second successive week.
Reports saying Saudi Arabia has restored most of its production capacity contributed as well to the decline in oil prices.
West Texas Intermediate Crude Oil futures for November ended down $0.80, or 1.4%, at $56.49 a barrel.
On Tuesday, WTI crude oil futures for November ended down $1.35, or 2.3%, at $57.29 a barrel.
Data released by the Energy Information Administration (EIA) Wednesday morning showed crude oil inventories in the U.S. rose 2.4 million barrels in the week ended September 20, beating forecasts for a draw of 190,000 barrels.
On Tuesday, the American Petroleum Institute said in its weekly oil report, crude stockpiles were up 1.4 million barrels last week.
The EIA data also showed that gasoline inventories rose by 500,000 barrels last week, while distillate stockpiles declined by 3 million barrels.
Reuters reported, citing sources that Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, maintaining a faster than expected recovery after the Sept. 14 attacks on its oil facilities.
Besides the jump in U.S. crude inventories and restoration of crude production in Saudi Arabia, worries about a likely drop in energy demand due to the impact of trade war and slowing global economy pushed down oil prices.
Copyright RTT News/dpa-AFX
© 2019 AFX News
