Crude prices fall as supplies rise

Crude prices went down Wednesday as U.S. crude supplies of last week increased more than expected.

Energy Information Administration (EIA), the Energy Department' s statistical arm, on Wednesday released its report about U.S. crude supplies of the week ending Oct.17.

Crude stockpiles added 7.1 million barrels to 377.7 million barrels, beating market's expectation of an increase of 3 million barrels. According to the report, U.S. crude oil inventories are near the upper limit of the average range for this time of the year.

Traders regarded the EIA report "bearish" as weak demand for the fuel put a lot of pressure on the oil market.

Crude prices were also under pressure as U.S. dollar rose against other major currencies Wednesday. A stronger greenback makes the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

On the economic front, U.S. Labor Department said Wednesday that the country's Consumer Price Index (CPI), a main gauge of inflation, increased 0.1 percent on a seasonally adjusted basis in September, after a decline of 0.2 percent in August.

Light, sweet crude for December moved down 1.97 U.S. dollars to settle at 80.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery fell 1.51 U.S. dollars to close at 84.71 dollars a barrel.