US crude and gasoline inventories both logged surprise increases last week, new data on Wednesday showed, sending the price of oil deeper into negative territory.

US crude stocks rose by 2.5m barrels last week, the Energy Department said, compared with expectations of a 495,000 barrel draw. Meanwhile, gasoline inventories ticked higher by 36,000 barrels, missing forecasts for a 1.3m barrel decline.

West Texas Intermediate, the US oil marker, was down 2.1 per cent on the heels of the report to $47.06 a barrel. International standard Brent declined by 67 cents to $49.27.

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