Oil prices traded mixed as a weaker U.S. dollar supports oil prices, while yesterday's U.S. crude oil inventories data weighed on oil prices.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 0.25 million barrels to 487.3 million in the week to November 13. It was the eighth consecutive increase. Analysts had expected U.S. crude oil inventories to rise by 1.9 million barrels.

The greenback traded lower against other currencies on the Fed's latest monetary policy meeting minutes. The minutes showed that an interest rate hike in December is possible, but it will depend on the incoming data.

WTI crude oil for January delivery dropped to $40.44 a barrel on the New York Mercantile Exchange.

Brent crude oil for January rose to $44.30 a barrel on ICE Futures Europe.