Mubasher: Oil futures settled lower on Wednesday, recording lowest level in two weeks, as US stockpiles went down.

August Nymex WTI declined by $0.84, or 1.5%, to close at $56.78 per barrel.

The Energy Information Administration (EIA) said that the US crude oil inventories fell by 3.1 million barrels to 455.9 million barrels in the week ended 12 July.