Brent crude oil price hit its lowest level in four months on Wednesday, as the U.S.' weekly crude oil inventories showed an increase against market expectations.
After closing Tuesday at $72.46 a barrel, the price of the global benchmark fell to as low as $70.31 per barrel with a 3 percent loss.
This marked the lowest level for the benchmark since April 10.
American benchmark West Texas Intermediate (WTI) fell as much as to $64.52 per barrel on Wednesday, posting a 3.7 percent decline, after it ended Tuesday at $67.04 a barrel.
This marked the lowest level for WTI since June 21.
The U.S.' crude oil inventories rose by 6.8 million barrels for the week ending Aug. 10, the Energy Information Administration (EIA) announced Wednesday.
The market expectation for the inventories was a decline of 2.5 million barrels.
By Ovunc Kutlu in New York