Oil prices fell after the release of the U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Thursday. U.S. crude inventories rose by 2.15 million barrels to 504.1 million in the week to February 12.
Analysts had expected U.S. crude oil inventories to rise by 4.0 million barrels.
Gasoline inventories increased by 3.0 million barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, increased by 36,000 barrels.
U.S. crude oil imports rose by 795,000 barrels per day.
Refineries in the U.S. were running at 88.3% of capacity, up from 86.1% the previous week.
Earlier this week, oil prices rose on news that Russia and Saudi Arabia agreed to freeze the oil production at the level of January if other oil producers join.
WTI crude oil for February delivery declined to $30.54 a barrel on the New York Mercantile Exchange.
Brent crude oil for February fell to $34.45 a barrel on ICE Futures Europe.