2019.03.2716:07:00UTC+00Oil Futures Settle Lower On Unexpected Rise In Inventory

Crude oil futures ended lower on Wednesday after official data from Energy Information Administration showed an unexpected increase in crude inventories last week.

West Texas Intermediate Crude oil futures for May ended down $0.53, or 0.9%, at $59.41 a barrel.

On Tuesday, crude oil futures ended up $1.12, or 1.9%, at $59.94 a barrel.

According to the weekly data released by the Energy Information Administration, crude inventories unexpectedly increased by 2.8 million barrels in the week to March 22.

The increase in inventory was due to a 506,000-barrel drop in exports and a 400,000-barrel decline in refinery runs.

The agency also said gasoline inventories dropped by 2.88 million barrels and distillate stockpiles declined by 2.08 million barrels last week.

According to American Petroleum Institute's report, released late Tuesday, crude oil inventories rose 1.93 million barrels in the week ended March 22.

Demand growth concerns due to global economic slowdown, and OPEC-led output cuts limited oil's slide.

Disappointing U.S. housing and consumer confidence data released overnight, Brexit fears and uncertainty over the U.S.-China trade talks resuming in Beijing on Thursday also weighed on markets.