Mubasher: Oil prices declined on Wednesday, after a mixed performance affected by another increase in crude inventories in the United States.

Oil inventories increased by more than expected last week, as shown by data of the Energy Information Administration (EIA) 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.

Nymex futures declined by 0.9% to settle at the level of $61.67 per barrel, its lowest level since mid-March.