Investing.com - West Texas Intermediate oil futures fell to the lowest levels of the session on Wednesday, after data showed that oil supplies in the U.S. increased more than expected last week.
On the New York Mercantile Exchange, crude oil for delivery in December traded at $81.77 a barrel during U.S. morning hours, down 72 cents, or 0.87%. Prices were around $82.52 a barrel prior to the storage report.
Futures were likely to find support at $80.80, the low from October 20, and resistance at $84.06, the high from October 16.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.1 million barrels in the week ended October 17, compared to expectations for a gain of 2.7 million barrels.
Total U.S. crude oil inventories stood at 377.7 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1.3 million barrels, compared to forecasts for a decline of 1.0 million barrels, while distillate stockpiles increased by 1.0 million barrels.
Elsewhere, on the ICE Futures Exchange in London, Brent for December delivery dipped 4 cents, or 0.05%, to hit $86.18 a barrel.
London-traded Brent prices have fallen nearly 26% since June, when it climbed near $116, while WTI futures are down almost 23% from a recent peak of $107.50 in June.
Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks.
OPEC oil output hit a two-year high of 31 million barrels per day in September, led by higher production from Iraq and Libya.
Some market analysts believe that only a cut in production by the oil cartel will halt the decline in prices.
Oil ministers from the 12-member group are scheduled to meet in Vienna on November 27 to consider whether to adjust their production target for early 2015.