The West Texas Intermediate for July delivery lost 3.62 U.S. dollars, or 3 percent, to settle at 115.31 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 2.66 dollars, or 2.2 percent, to close at 118.51 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's crude oil inventories increased by 2.0 million barrels during the week ending June 10. Analysts surveyed by S&P Global Commodity Insights had expected the EIA publications to show a fall of 1.1 million barrels in U.S. crude stocks.
According to the EIA, total motor gasoline inventories decreased by 0.7 million barrels last week, while distillate fuel inventories increased by 0.7 million barrels.
Traders also digested the U.S. Federal Reserve's latest decision on rates.
The Fed on Wednesday raised its benchmark interest rate by 75 basis points, marking the sharpest rate hike since 1994, as data released in recent days indicated U.S. inflation showed no clear signs of easing.
"A stronger tightening of monetary policy could have negative effects on oil demand," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note.
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