Oil futures declined Wednesday, with U.S. prices settling at their lowest in almost eight months after a government report revealed that domestic crude supplies rose for a seventh week in succession, and gasoline stockpiles unexpectedly climbed. The move follows deep losses in recent sessions, and come ahead of a meeting between members of the Organization of the Petroleum Exporting Countries and its allies this weekend that could result in supply cuts.Oil traders were also looking on with interest at the midterm election outcome.Global benchmark January Brent crude slipped 6 cents, or less than 0.1%, to $72.07 a barrel on ICE Futures Europe—the lowest finish since Aug. 17.On Wednesday, the Energy Information Administration said domestic crude supplies rose by 5.8 million barrels for the week ended Nov. 2. That marked a seventh consecutive week of gains.Analysts surveyed by S&P Global Platts had forecast a rise of 1.9 million barrels, while the American Petroleum Institute on Tuesday reported an increase of 7.8 million barrels.Gasoline stockpiles also climbed unexpectedly by 1.9 million barrels last week, while distillate stockpiles fell by 3.5 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply declines of 2.1 million barrels in gasoline and 2.03 million barrels for distillates.On Nymex, December gasoline lost nearly 2.8% to $1.647 a gallon. That was the lowest front-month settlement since December 2017. December heating oil rose 2.2% to $2.237 a gallon.(source: marketwatch)