Mubasher: Crude oil inventories increased by more than expected last week, data released by the Energy Information Administration (EIA) showed on Wednesday.

This is the seventh consecutive weekly increase in American crude inventories, which rose by 5.783 million barrels in the week that ended on Friday 2 November, while experts expected an increase of around 2.4 million barrels.

Following the data, Nymex futures declined by 71 cents, or 1.1%, to $61.50 a barrel, while Brent crude went down by 47 cents to $71.66 per barrel.