Oil prices settled lower on Wednesday after U.S. inventory figures showed demand weakening for refined products as global COVID-19 cases spiked.
Brent crude futures LCOc1 settled at $41.73 a barrel, down $1.43, or 3.3%, as of 12:48 p.m. ET. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped $1.67, or 4%, to $40.03. Both benchmarks rose in the previous session.
Crude inventories fell by 1 million barrels in the week to Oct. 16 to 488.1 million barrels, while gasoline stocks rose in another weak showing for fuel demand.
Overall product supplied, a proxy for demand, remained down 13% on the year and over the past four weeks when compared with the year-ago period.
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