Oil prices declined on concerns over the global oil oversupply. The U.S. crude oil inventories data had only a moderate impact on oil prices. The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude inventories dropped by 5.45 million barrels to 450.8 million in the week to August 21.

Analysts had expected U.S. crude oil inventories to decline by 2.0 million barrels.

Gasoline inventories increased by 1.7 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, rose by 256,000 barrels.

U.S. crude oil imports decreased by 839,000 barrels per day.

Refineries in the U.S. were running at 94.5% of capacity, down from 95.1% the previous week.

Yesterday's interest rate cut by the Chinese central bank slightly supported oil prices.

WTI crude oil for October delivery declined to $39.24 a barrel on the New York Mercantile Exchange.

Brent crude oil for October fell to $43.00 a barrel on ICE Futures Europe.