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.

Crude oil inventories in the United States saw a build of 4.1 million barrels during the week ending February 7

Oil futures posted their first loss in four sessions on Wednesday after official U.S. data revealed a third straight weekly climb in U.S. crude supplies.