New York, United States (CNN)–Oil prices fell sharply on Wednesday, closing at levels not seen since Russia invaded Ukraine in February.
The losses resulted from a new US report that revealed an unexpected increase in crude oil and gasoline stocks, which raised questions about energy demand.
US crude tumbled 4% to $90.66 a barrel, its lowest close since February 10, two weeks before Russia launched its war against Ukraine, while Brent crude lost more than 3%.
Concerns about a global economic slowdown have driven down oil prices in recent weeks.
US oil has fallen about 27% since closing at $123.70 a barrel on March 8.
Oil prices fell, on Wednesday, after the US Energy Information Administration said that weekly oil stocks rose by 4.5 million barrels last week, compared to expectations for a decline, and gasoline stocks increased slightly.
The oil market initially rebounded on Wednesday, after the Organization of the Petroleum Exporting Countries (OPEC) announced an agreement for a slight increase in production starting in September, which represents the smallest increase in production on a percentage basis in the history of the Organization of the Petroleum Exporting Countries, according to Rapidan Energy Group.