Oil prices traded lower on U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 8.03 million barrels to 476.6 million in the week to October 16. It was the fourth consecutive increase. Analysts had expected U.S. crude oil inventories to rise by 3.65 million barrels.

Gasoline inventories decreased by 1.5 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, fell by 78,000 barrels.

U.S. crude oil imports climbed by 156,000 barrels per day.

Refineries in the U.S. were running at 86.4% of capacity, up from 86.0% the previous week.

The weak Japanese trade data also weighed on oil prices. The Ministry of Finance released its trade data for Japan on the late Tuesday evening. Japan's trade deficit narrowed to ¥114.5 billion in September from a deficit of ¥569.6 billion in August. Analysts had expected a surplus of ¥84.0 billion. Exports rose 0.6% year-on-year in September, while imports dropped 11.1% year-on-year.

Market participants are awaiting the results of the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna today. Oil production cuts could be discussed at this meeting. But it is unlikely that concrete results will be achieved at this meeting.

WTI crude oil for December delivery declined to $45.28 a barrel on the New York Mercantile Exchange.

Brent crude oil for December decreased to $48.28 a barrel on ICE Futures Europe.