02:46 PM EDT, 05/01/2024 (MT Newswires) -- West Texas Intermediate (WTI) crude oil fell to the lowest since mid-March on Wednesday after a report showed an unexpected rise in US crude inventories.

West Texas Intermediate crude for June delivery closed down US$2.93 to settle at US$79.00 per barrel, the lowest since March 12. July Brent crude, the global benchmark, was last seen down US$2.87 to US$83.46..

In its weekly survey, the Energy Information Administration reported US oil inventories rose by 7.3-million barrels last week, while the consensus estimate from analysts polled by Reuters expected a 1.1-million barrel drop.

On geopolitical risks, the premium accorded oil amid Israel's war on Hamas eased as US Secretary of State Antony Blinken traveled to the country, saying he is determined to reach a cease-fire agreement between the combatants, according to a CNN report. "Oil prices extended their decline due to the possibility of a cease-fire in the Middle East," Saxo Bank noted.

The Federal Open Market Committee wrapped up its two-day meeting on Wednesday afternoon, leaving interest rates unchanged, as expected, as economic data shows the US economy is running hot and inflation remains above the central bank's 2% target.