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Oil prices moved lower again on Wednesday, closing below the $54 mark in a session of relatively low volatility.

Light sweet crude for December delivery closed at $53.62 per barrel on the NY Mercantile Exchange, down 77 cents or 1.4 percent on the session.

It marked the fourth straight session of losses for crude, and came as information from the government showed an increase in reserves.

This week`s report on petroleum stockpiles showed supplies of crude oil were up by 1.6 million barrels for the week ending November 14. The Energy Department also said supplies of motor gasoline were up by 500,000 barrels while distillate stocks were down by 1.5 million barrels.

The per-barrel price of crude has now fallen 63 percent since reaching a peak of $147.27 in mid-July.

In economic news on Wednesday, the Labor Department reported that U.S. consumer prices declined 1.0 percent in October, their largest one-month fall on record. Analysts had been forecasting a decline of just 0.5 percent.

Also Wednesday, the Commerce Department reported that new U.S. home construction declined 4.5 percent in October, the fourth straight monthly decline. Construction fell to an annualized rate of 791,000 units from September`s upwardly revised rate of 828,000 units. The October reading was also the lowest on record.