Oil prices declined on concerns over the global oil oversupply. Market participants continued to eye the 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 2.85 million barrels to 482.8 million in the week to October 30. It was the sixth consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 2.8 million barrels.

Gasoline inventories decreased by 3.3 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, fell by 0.2 million barrels.

U.S. crude oil imports dropped by 89,000 barrels per day.

Refineries in the U.S. were running at 88.7% of capacity, up from 87.6% the previous week.

WTI crude oil for December delivery declined to $45.91 a barrel on the New York Mercantile Exchange.

Brent crude oil for December fell to $48.35 a barrel on ICE Futures Europe.