Crude oil prices settled sharply lower in futures market on Wednesday as U.S.crude prices slipped to their lowest close in nearly six years on news that oil in storage is building up at a historic pace.Light sweet crude oil (WTI) futures plunged 1.78 dollar or 3.85 percent to close at USD 44.45 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures plunged 1.13 dollar or 2.28 percent to close at USD 48.47 a barrel at NYMEX. Natural gas futures remained flat at 2.866 a gallon at the NYMEX.