Mubasher: Oil went down at Wednesday’s settlement despite the decline in the US crude stockpiles.

May Nymex WTI declined $0.29, or 0.5%, to close at $63.76 per barrel.

Earlier today, the Energy Information Administration (EIA) said that US crude oil inventories fell by 1.4 million barrels to 455.2 million barrels in the week ended 12 April.