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Oil Futures Settle Lower As Inventories Rise

Crude oil prices drifted lower on Wednesday, snapping a three-day winning streak, after data from Energy Information Administration showed a much larger than expected increase in crude inventories in the week ended November 1.

West Texas Intermediate Crude oil futures for December ended down $0.88, or about 1.5%, at $56.35 a barrel.

On Tuesday, WTI crude oil stockpiles ended up $0.69, or 1.2%, at $57.23 a barrel.

According to the data released by the Energy Information Administration Wednesday morning, crude oil stockpiles in the U.S. increased by 7.9 million barrels in the week ended November 1, more than five times the expected increase.

Gasoline inventories fell for the sixth straight week, declining by 2.8 million barrels last week, substantially more than an expected drop of about 1.8 million barrels.

Distillate stockpiles dropped 622,000 barrels, the EIA data showed.

According to a report released by the American Petroleum Institute on Tuesday, U.S. crude inventories rose by 4.3 million barrels in the week ended November 1, almost three times the expected increase of 1.5 million barrels.

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