Oil futures fell sharply on Wednesday, with U.S. benchmark prices settling at their lowest in about three weeks. The Energy Information Administration reported a 4.1 million-barrel climb in U.S. crude supplies, marking a sixth straight week of increases, along with weekly gains in gasoline and distillate stockpiles. Oil prices continued to trade lower after the Federal Reserve announced a quarter-percentage-point interest-rate hike, as expected. U.S. benchmark West Texas Intermediate crude for March delivery CLH23 fell $2.46, or 3.1%, to settle at $76.41 a barrel on the New York Mercantile Exchange. Based on the front-month contract, prices settled at their lowest since Jan. 10, FactSet data show.
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