Oil prices decline more than 2%

Oil prices fell on the U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 4.80 million barrels to 490.7 million in the week to December 11.

Analysts had expected U.S. crude oil inventories to decline by 1.4 million barrels.

Gasoline inventories increased by 1.7 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 607,000 barrels.

U.S. crude oil imports increased by 291,000 barrels per day.

Refineries in the U.S. were running at 91.9% of capacity, down from 93.1% the previous week.

Market participants are awaiting the release of the Fed's monetary policy meeting results later in the day. Analysts expect the Fed to raise its interest rate.

News that congressional leaders in the U.S. reached a deal which would lift the ban on U.S. crude oil exports supported oil prices.

WTI crude oil for January delivery declined to $35.78 a barrel on the New York Mercantile Exchange.

Brent crude oil for January decreased to $37.46 a barrel on ICE Futures Europe.