Oil prices traded lower after the release of U.S. oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 2.68 million barrels to 467.9 million in the week to June 12. It was the seventh consecutive weekly decline.

Analysts had expected a decline of 1.8 million barrels.

Gasoline inventories were up by 460,000 barrels to 217.8 million barrels last week, according to the EIA.

U.S. oil production fell 21,000 barrels a day to 9.59 million barrels a day.

Crude stocks at the Cushing, Oklahoma, increased by 112,000 barrels. It was the first rise since mid-April.

U.S. crude oil imports rose by 114,000 barrels per day to 7.1 million barrels per day.

Refineries in the U.S. were running at 93.1% of capacity, down from 94.6% the previous week.

Investors are awaiting the results of the Fed's monetary policy meeting later in the day. The Fed will also release its economic forecasts. The Fed Chair Janet Yellen is scheduled to speak after the release of the results.

Investors are also awaiting signals when the Fed starts raising its interest rate.

WTI crude oil for July delivery decreased to $59.97 a barrel on the New York Mercantile Exchange.

Brent crude oil for July fell to $63.53 a barrel on ICE Futures Europe.