Oil prices decline on US inventory surge

New York: Oil prices declined on Wednesday in volatile trading as the US reported a 7.7-per cent increase of crude oil inventories.

The West Texas Intermediate for December Delivery lost $0.24 to settle at $45.57 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery erased $0.32 to close at $46.63 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.