A 2.2 billion-barrel cut to crude production by OPEC failed to boost oil prices Wednesday, with markets already pricing in a reduced flow of oil, according to The Associated Press.

Light, sweet crude for January delivery fell nearly 5 percent, or $2.07, $41.53 on the New York Mercantile Exchange.

U.S. gasoline inventories continued to rise, the government reported, providing further evidence of a major pullback by American motorists.

Demand for gasoline over the four weeks ended Dec. 12 was 2.7 percent lower than a year earlier.