Oil futures declined Wednesday, with U.S. benchmark prices settling below $80 a barrel – at their lowest in more than two weeks as traders continued to show concern over the outlook for energy demand. A bigger-than-expected weekly decline of 4.6 million barrels in U.S. crude inventories, reported by the Energy Information Administration on Wednesday, failed to provide a lift to oil prices. May West Texas Intermediate crude CLK23, -2.11% declined by $1.70, or 2.1%, to settle at $79.16 a barrel on the New York Mercantile Exchange. Front-month contract prices settled at their lowest since March 31, FactSet data show.
This article was originally published by Marketwatch.com. Read the original article here.