Crude oil futures fell on Wednesday after US crude oil stockpiles rose more than expected last week thanks to strong imports and relatively low production of petroleum products as US refineries underwent seasonal maintenance.

The Energy Information Administration, the statistical arm of the department of energy, said US commercial crude inventories rose 2.1m barrels to 340.7m, the highest level in about seven years. The rise contrasts with analyst expectations of an increase of less than 1m barrels.