Previously released API data showed that the US crude oil inventories rose by 3.7 million barrels last week, and analysts had expected a drop of 800,000 barrels.
The data also shows that the United States last week, gasoline inventories rose by 810,000 barrels, analysts had expected to drop 10 million barrels.
Tim Evans, an analyst at Citi Futures, said: "Although it has entered the driving season, but also have to admit that the inventory is unlikely to fall to a key low."
The IEA's plan to increase crude oil supply in the next five years also caused pressure on oil prices.
The IEA today raised the estimated average supply of global oil days from 2009 to 2015 by 300,000 barrels, which is mainly driven by the supply of non-OPEC countries.
Analysts said that the US housing market data, which was weaker than expected, also weighed on oil prices.
According to data released by the National Association of Realtors on Tuesday (June 22), the US’s existing home sales data declined in May. It had previously seen growth for two consecutive months, which was mainly driven by the near-end effect of the government’s tax credit policy.
According to the data, the monthly rate of existing home sales in the US fell by 2.2% in May, with a total annualized 5.66 million households. Inventories fell during the month, while house prices rose.
Ken Hasegawa, sales manager for daily necessities derivatives at Newedge Brokerage in Tokyo, Japan, said: "If the stock market falls, this will further push down oil prices. After the API data shows that the inventories have risen, people continue to choose profit-taking."
In the afternoon, investors will pay close attention to the announcement of EIA data.
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