The West Texas Intermediate for September delivery lost 2.41 U.S. dollars, or 3.4 percent, to settle at 68.15 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 2.03 dollars, or 2.8 percent, to close at 70.38 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories increased by 3.6 million barrels during the week ending July 30, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
Analysts surveyed by S&P Global Platts had estimated the EIA publications to show a drop of 4 million barrels in U.S. crude supplies.
Meanwhile, oil prices came under pressure amid concerns about demand.
"There is particular nervousness on the oil market because oil demand suffers considerably from mobility restrictions imposed in a bid to combat coronavirus," Barbara Lambrecht, energy analyst at Commerzbank Research, said in a note on Wednesday.
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