Oil prices declined on concerns over the global oil oversupply. According to market intelligence provider Genscape's data, crude stocks at the Cushing, Oklahoma, increased by more than 503,000 barrels between February 19 and February 24.

Market participants are awaiting comments by Saudi Arabian Oil Minister Ali Al-Naimi. He said this week that there will be no cut in oil output.

Oil prices yesterday were supported by the first decline of U.S. gasoline inventories since November, which decreased by 2.2 million barrels last week.

According to the U.S. Energy Information Administration's (EIA) data on Wednesday, U.S. crude inventories rose by 3.5 million barrels to 507.6 million in the week to February 19. Analysts had expected U.S. crude oil inventories to rise by 3.17 million barrels.

Crude stocks at the Cushing, Oklahoma, increased by 333,000 barrels.

WTI crude oil for April delivery decreased to $31.40 a barrel on the New York Mercantile Exchange.

Brent crude oil for April rose to $33.86 a barrel on ICE Futures Europe.