Oil Finishes Lower Following EIA’s Weekly Report

Oil prices closed Wednesday lower after a mixed performance, ending a rising trend that lasted for six consecutive sessions.

The decline in crude prices came amid the rebound of the U.S. Dollar (USD) and a less than expected draw in American crude inventories coupled with a rise in gasoline and distillates stockpiles, according to the weekly report of the U.S. Energy Information Administration (EIA).

Brent crude futures for March delivery lost 52 cents, or 0.9%, to finish at $56.06 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for February delivery declined by 30 cents, or 0.6%, to close at $52.91 per barrel.