U.S. crude oil inventories increased for a third consecutive week while gasoline stocks declined for the first time in three months, according to data released by the U.S. Energy Information Administration.

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.

Crude oil inventories in the United States saw a build of 4.1 million barrels during the week ending February 7