Oil prices fell on the U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories climbed by 4.67 million barrels to 455.4 million in the week to August 28. It was the biggest one-week increase since April.
Analysts had expected U.S. crude oil inventories to decline by 1.5 million barrels.
Gasoline inventories decreased by 271,000 barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, declined by 388,000 barrels.
U.S. crude oil imports increased by 656,000 barrels per day.
Refineries in the U.S. were running at 92.8% of capacity, down from 94.5% the previous week.
Oil prices dropped yesterday on the weaker-than-expected manufacturing PMI data from China.
WTI crude oil for October delivery decreased to $43.71 a barrel on the New York Mercantile Exchange.
Brent crude oil for October fell to $48.97 a barrel on ICE Futures Europe.