The growth in U.S. crude stocks exceeded predictions that U.S. interest rates had peaked, causing oil prices to give up on previous gains on Thursday in a choppy trading day.

Brent futures dipped 12 cents to $85.70 per barrel meanwhile US WTI slumped by 81 cents to $82.68 per barrel. Prices had ticked up over $1 a barrel previously in the session.

Prices started to retreat as U.S. government data revealed that U.S. crude stocks increased by 10.2 million barrels in the past week to 424.2 million barrels, much exceeding expert projections for a 500,000-barrel increase.

The figures showed that during the week, U.S. crude production reached a record 13.2 million barrels per day.

Prior to the release of U.S. inflation statistics and the minutes of the ECB meeting, which will add to the discussion about the direction of interest rates, world equities increased, the dollar strengthened, and borrowing prices on the bond market remained stable.

Data released on Thursday revealed that U.S. inflation was falling, adding credence to predictions that the Fed will stop raising interest rates next month.