Oil prices fell on concerns over the global oil oversupply. Saudi Arabia raised its oil exports by 113,000 barrels per day in September to 7.111 million barrels per day from 6.998 million barrels per day in August.

The better-than-expected U.S. crude oil inventories data supported oil prices. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 0.25 million barrels to 487.3 million in the week to November 13. It was the eighth consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 1.9 million barrels.

Gasoline inventories increased by 1.0 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 1.50 million barrels.

U.S. crude oil imports fell by 409,000 barrels per day.

Refineries in the U.S. were running at 90.3% of capacity, up from 89.5% the previous week.

WTI crude oil for January delivery dropped to $40.66 a barrel on the New York Mercantile Exchange.

Brent crude oil for January fell to $43.81 a barrel on ICE Futures Europe.