WTI crude oil price declined on the increase in U.S. crude oil inventories. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 384,000 barrels to 465.8 million in the week to July 03.
Analysts had expected U.S. crude oil inventories to decline by 1 million barrels.
Gasoline inventories climbed by 1.2 million barrels to 218 million barrels last week, according to the EIA.
Crude stocks at the Cushing, Oklahoma, increased by 299,000 barrels to 56.7 million barrels.
U.S. crude oil imports declined by 197,000 barrels per day.
Refineries in the U.S. were running at 94.7% of capacity, down from 95.0% the previous week.
The collapse in China's stock prices and the uncertainty over the Greek debt problem also weighed on oil prices.
Traders expect the results of talks on the Iranian nuclear program. Talks will continue until July 10. A deal could lead to a higher oil supply.
WTI crude oil for August delivery decreased to $51.38 a barrel on the New York Mercantile Exchange.
Brent crude oil for August rose to $57.17 a barrel on ICE Futures Europe.