Investing.com - Oil prices fell on Wednesday after official data revealed U.S. weekly inventories rose more than markets were anticipating. On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD92.18 a barrel during U.S. trading, down 1.60%. The commodity hit a session low of USD92.05 and a high of USD93.82. The January contract settled down 0.44% at USD93.68 a barrel on Tuesday. Oil futures were likely to find support at USD91.29 a barrel, the low from June 2, and resistance at USD94.68 a barrel, Tuesday's high. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 3 million barrels in the week ended Nov. 22, well above expectations for an increase of 600,000 barrels. Total U.S. crude oil inventories stood at 391.4 million barrels, the highest since June. The report also showed that total motor gasoline inventories increased by 1.8 million barrels, compared to expectations for a gain of 260,000 barrels. After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 6.9 million barrels last week, while gasoline stockpiles increased 200,000 barrels. U.S. crude prices have been on a downward trend in recent weeks amid concerns over rising U.S. inventories and increased production levels. Meanwhile on the ICE Futures Exchange, Brent oil futures for January delivery were down 0.15% at USD110.72 a barrel, up USD18.54 from its U.S. counterpart.

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