Oil prices traded lower due to profit taking ahead of OPEC's meeting on June 05. It is expected that OPEC keeps unchanged its oil production.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 1.95 million barrels to 477.4 million in the week to May 29. It was the fifth consecutive weekly decline.

Analysts had expected a decline of 2 million barrels.

Gasoline inventories were down by 334,000 barrels last week, according to the EIA.

U.S. oil production climbed by 20,000 barrels a day to 9.59 million barrels a day.

Crude stocks at the Cushing, Oklahoma, decreased by 983,000 barrels.

U.S. crude oil imports increased by 677,000 barrels per day to 6.93 million barrels per day.

Refineries in the U.S. were running at 93.2% of capacity, down from 93.6% the previous week.

WTI crude oil for July delivery fell to $60.13 a barrel on the New York Mercantile Exchange.

Brent crude oil for July declined to $64.14 a barrel on ICE Futures Europe.