Crude oil prices slumped on Wednesday amidst sentiment triggered by the more than expected jump in crude oil inventories and the less-than-expected drop in inflation in the U.S.
Data released by the American Petroleum Institute on Tuesday had shown an increase of 10.51 million barrels in crude oil stockpile versus expectations of a rise of 0.32 million barrels. The previous week had recorded a draw of 2.2 million barrels.
Official data from the Energy Information Administration is expected later on Wednesday. Markets expect crude oil inventories to increase by 1.2 million barrels as compared with 2.4 million barrels in the previous week.
Meanwhile, the OPEC's monthly report released on Tuesday expects global oil demand to rise by 2.32 million barrels per day (bpd), or 2.3% in 2023.
The International Energy Agency in its Oil Market report released on Wednesday has pegged the global oil demand growth at two million barrels per day in 2023.
Brent Oil Futures for April settlement, which had closed Tuesday's trading at $85.58 slumped 0.58 percent overnight to trade at its current level of $85.08. The day's trading range was between $85.46 and $84.15.
West Texas Intermediate Crude Oil Futures for March settlement also shed 0.77 percent overnight to trade at $78.45. The benchmark, which was at $79.06 at the previous close ranged between $78.96 and $77.60 in the day's trade.
