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 futures looked to post a loss Wednesday, their first in four sessions, after official U.S. data revealed a third straight weekly climb in U.S. crude supplies.

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.