West Texas Intermediate futures for March delivery fell to $26.99 (-1.68%), while Brent crude declined to $30.65 (+1.68%) amid concerns over excessive supplies.

The Energy Information Administration reported on Wednesday that U.S. crude oil inventories fell by 754,000 barrels last week, while economists had expected a rise of 3.6 million barrels. Nevertheless stockpiles at Cushing rose by 523,000 barrels to a record 64.7 million barrels suggesting that the country's inventories will rise in the coming weeks.