Sharp rise of U.S. Stockpiles pushes oil down 1%

Oil prices retreated on Wednesday after U.S. crude oil stockpiles rose more than expected.

The bigger-than-expected rise in U.S. crude stocks gave some investors a momentum to implement long positions.

Brent oil futures ended down $1.82, or 2.1%, to $84.58 a barrel, after closing at a seven-year high on Tuesday. U.S. West Texas Intermediate (WTI) crude settled down $1.99, or 2.4%, to $82.66 a barrel.

Crude oil inventories rose by 4.3 million barrels last week, according to the U.S. Energy Department, more than the expected 1.9 million-barrel gain.