Global oil prices have fallen as investors markets weighed news of increases in US petroleum stocks and kept a wary eye on the Ukraine crisis.
A barrel of West Texas Intermediate for April delivery, the US benchmark futures contract, finished at $US101.45, down $US1.88 from Tuesday's close.
In London trade, Brent North Sea crude for delivery in April sank $US1.54 to $US107.76 a barrel.
The US Department of Energy said the nation's commercial crude-oil inventories rose by 1.4 million barrels in the week ending February 28.
That was more than analysts' consensus estimate of a 1.0 million barrel gain, indicating demand that was weaker than expected for the world's largest crude-oil consumer.
"A 1.4-million-barrel stock build reflected the combined impact of greater imports and lower demand," noted BNP Paribas analysts.
Independent analyst Andy Lipow said the build in crude was due to a slowdown of refinery activity during maintenance season, particularly along the Gulf Coast.
Distillate products, which include heating oil and diesel fuel, unexpectedly rose by 1.4 million barrels, instead of falling by 1.1 million as estimated.
Crude futures also pulled back as fears of an immediate armed conflict between Russia and Ukraine cooled, but analysts said the presence of Russian-backed troops in Crimea in the country still lent price support.
"Ongoing normal flows via Ukraine and the prospect of a recovery in Libyan oil production next week" were prompting some selling in the Brent market, "with indirect downward pressure on the US markets as well," said Tim Evans of Citi Futures.
The oil market had soared on Monday to the highest levels this year as the Ukraine crisis raised concerns about disruptions to energy supplies.
Markets were also hit on Wednesday by fresh concerns over growth in China.
China's National People's Congress began its annual meeting on Wednesday, with Premier Li Keqiang saying the government was targeting 7.5 growth in 2014, compared to the 7.7 per cent growth recorded in 2013 and 2012.
