West Texas Intermediate futures for March delivery declined to $31.94 (-1.11%), while Brent crude retreated to $32.86 (-0.73%) after rising almost 3% in the previous session. Yesterday Russian officials said that they need to talk to OPEC members in order to find a way to counter the supply glut issue.

The dollar weakened amid Fed's dovish statement and did not allow oil prices to decline further.

The Energy Information Administration reported on Wednesday that U.S. crude oil inventories rose by 8.4 million barrels last week. However this huge increase was still smaller than the 11.4 million buildup forecasted by the American Petroleum Institute. Stocks likely rose amid the anticipation of snow storms.