Oil prices were down on concerns over the global oil oversupply. Market participants eyed yesterday's U.S. crude oil inventories data. According to the U.S. Energy Information Administration (EIA) on Wednesday, U.S. crude inventories increased by 0.96 million barrels to 488.2 million in the week to November 20. It was the ninth consecutive increase. Analysts had expected U.S. crude oil inventories to rise by 1.0 million barrels.

The oil driller Baker Hughes reported on Wednesday that the number of active U.S. rigs declined by 9 rigs to 555 this week. It was the lowest level since June 4, 2010.

U.S. markets were closed for a public holiday today.

WTI crude oil for January delivery declined to $42.54 a barrel on the New York Mercantile Exchange (Wednesday's trading session).

Brent crude oil for January fell to $45.45 a barrel on ICE Futures Europe.