Oil prices went down on Wednesday following a rise in U.S. weekly crude oil inventories.
International benchmark Brent crude was trading at $71.80 per barrel at 0735GMT, marking a 0.44 percent decline after it closed Tuesday at $72.12 a barrel.
American benchmark West Texas Intermediate (WTI) was trading at $63.09 a barrel at the same time -- a loss of 0.42 percent from the previous closing rate of $63.36 per barrel.
U.S.' crude stocks increased by 6.8 million barrels to 466.4 million barrels in the week ending April 26, according to the weekly oil inventory report released by the American Petroleum Institute (API) on Tuesday.
Global markets remained tense, however, as the political crisis in Venezuela, ongoing supply cuts by OPEC members and the U.S. sanctions against Iran continue to keep a lid on oil prices.
By Hale Turkes