Though Bloomberg analysts projected stockpiles would gain 2.55 million barrels last week, crude oil actually increased 7.1 million barrels to amount to 353.4 million barrels, the federal agency noted. The price of the energy commodity also dropped after the minister of industry for France stated the U.S. proposed halting oil's price rises by releasing oil from strategic reserves.
"It is being considered," acting fossil energy assistant secretary Charles McConnell said at a hearing in Washington, according to Bloomberg. "It has been in consideration for some time, and no decision has been made."
At 10:32 a.m. on Wednesday, crude oil futures fell 1.43 percent, a $1.79 drop to $123.75 per barrel.
The Associated Press reports sharp gains of the energy commodity have occurred since October of last year as a result of an improving economy in the U.S., the globe's top consumer of oil. But economic troubles in China, the world's second-largest consumer of oil, were likely to pull down the price of oil.