Oil Prices Fall Despite U.S. Inventory Drawback

Crude oil prices were lower Wednesday despite a drawback in U.S. commercial crude inventories. U.S. benchmark West Texas Intermediate crude for January delivery was down to $50 a barrel, while global benchmark Brent Crude fell to $53 a barrel. The U.S. Energy Information Administration reported Wednesday that crude inventories decreased by roughly two and a half million barrels for last week. U.S. inventories now sit at around 485 million barrels, which is still at the upper limit of the average range for this time of year. Immediately following the EIA report, oil majors such as Chevron (CVX) - Get Report and BP (BP) - Get Report were both higher during the trading session.

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