Oil futures settle lower for a third straight session

Oil futures finished Wednesday with a loss for a third consecutive session, with the U.S. oil benchmark at its lowest settlement since Feb. 25. Data from the Energy Information Administration released Wednesday revealed the first rise in U.S. crude supplies in three weeks, and traders showed concern that high fuel prices may lead to less demand. In a monthly report, however, the International Energy Agency warned that Russia’s invasion of Ukraine and resulting sanctions threaten a supply shock that may push the oil market into a deficit unless major producers increase output. West Texas Intermediate crude for April delivery CLJ22, +3.17% fell $1.40, or nearly 1.5%, to settle at $95.04 a barrel on the New York Mercantile Exchange after losing 6.4% on Tuesday.