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.

Oil prices fell in Wednesday's morning session, ending three days of gains thanks to rising U.S. crude stockpiles and hawkish remarks from Fed Chair Jerome Powell.

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.

U.S. crude oil inventories increased for a third consecutive week while gasoline stocks declined for the first time in three months, according to data released by the U.S. Energy Information Administration.

Oil prices lost ground on Wednesday after sources said industry data would show an increase in U.S. crude stockpiles, but stronger refining margins limited losses. Brent futures fell 52 cents or 0.7% to $76.