Mubasher: Oil prices declined on Wednesday, due to the unexpected rise in US stockpiles, signaling an end to an upwards rally in crude prices last week.

Nymex futures went down by 0.7% to the level of $55.33 per barrel, its lowest close in nearly two weeks.

Meanwhile, Brent crude decreased by 0.6% to $61.86 per barrel, by 9:00 PM (GMT).

Data showed an increase in US oil inventories by 1.9 million barrels last week, despite that it was forecasted to fall by 2.1 million barrels during the same period.

This comes after American oil production surged to its highest level since 1983, recording 9.64 million barrels.