Oil Prices Close Lower Despite Stockpiles Draw

Oil prices declined on Wednesday, despite a decrease in crude inventories in the United States, as production in the Gulf of Mexico recovers from the impacts of Hurricane Laura.

Brent crude futures for November delivery closed lower by $1.15, or 2.5%, at $44.43 per barrel.

Meanwhile, the US West Texas Intermediate (WTI) futures for October delivery finished lower by $1.25, or 2.9%, at $41.51 per barrel, its lowest level since August 7.

Data by the United States Energy Information Administration (EIA) showed on Wednesday that crude oil inventories in the US fell by 9.4 million barrels last week.

This was the sixth consecutive weekly decline for oil stockpiles.