Crude oil futures continued their weakness and slid to their fresh two week low on Wednesday, after government data showed a more modest build in U.S. oil stockpiles and as Russia is said to be less than convinced that OPEC should extend output curbs in a meeting this month. There were reports that the Russian government has yet to reach a consensus with the nation's oil companies on extending the deal. Meanwhile, the Energy Information Administration (EIA) said domestic inventories rose by about 1 million barrels. Crude exports rose by 260,000 barrels a day, while inventories at the key Cushing, Oklahoma, pipeline hub fell by 1.5 million barrels.
Benchmark crude oil futures for December delivery ended lower by $0.37 or 0.7 percent at $ 55.33 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.34 to $61.87 a barrel on the ICE.