Oil prices fell on Wednesday even after data showed U.S. crude stockpiles dropped more than expected last week.
The West Texas Intermediate for October delivery dropped 1.25 U.S. dollars to settle at 41.51 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery slid 1.15 dollars to close at 44.43 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 9.4 million barrels during the week ending Aug. 28, the U.S. Energy Information Administration (EIA) reported on Wednesday. Analysts polled by S&P Global Platts had forecast a fall of 1.2 million barrels.
At 498.4 million barrels, U.S. crude oil inventories were about 14 percent above the five-year average for this time of year.
The EIA also said that U.S. crude oil production averaged 9.7 million barrels per day last week, 1.1 million barrels less than the previous week.
The data reflects a period during which Hurricane Laura shut output and refining facilities in the Gulf of Mexico.
Editor:Cherie
