Oil prices fell nearly 4 percent on Wednesday on renewed concerns about an oil glut sparked by rising U.S. crude inventories in storage and OPEC saying output cuts must be implemented to avoid the prospect of a growing surplus.
Prices extended losses after the Federal Reserve delivered an anticipated U.S. interest rate hike. The rate hike boosted the dollar, making greenback-traded fuel imports more expensive for countries using other currencies at home.
International Brent crude futures were down $1.68, or 3 percent, at $54.04 per barrel at 2:41 p.m. ET (1928 GMT). U.S. West Texas Intermediate (WTI) crude oil futures settled down $1.94, or 3.7 percent, to $51.04 a barrel.
Inventories at the Cushing, Oklahoma, delivery hub rose once again, the sixth build in seven weeks, data from the Energy Information Administration showed on Wednesday.
Crude inventories overall fell by 2.6 million barrels in the last week, compared with analyst expectations for a decrease of 1.6 million barrels, the data showed.