Oil prices fell 1% on Wednesday, ending three days of gains, as industry sources pointed to rising U.S. crude stockpiles and hawkish remarks from Fed Chair Jerome Powell that signalled slower rate cuts this year.

U.S. crude oil inventories increased more than expected as production picked up, while the build in gasoline stocks extended to almost three months.

Crude oil inventories and gasoline stocks saw larger than expected builds last week, leading to a renewed sell off in oil

Oil prices lost ground on Wednesday after sources said industry data would show an increase in U.S. crude stockpiles, but stronger refining margins limited losses. Brent futures fell 52 cents or 0.7% to $76.