After two straight days of increases, oil fell on Wednesday as a report from the industry revealed that U.S. crude inventories unexpectedly soared last week, possibly indicating a slowing in demand.

Brent futures slipped by 0.73% at $74.77 per barrel while U.S. West Texas Intermediate crude futures plunged by 0.85% at $69.08.

The week ended March 17 saw an increase in U.S. crude stockpiles of roughly 3.3 million barrels, according to data released by the American Petroleum Institute on Tuesday.

On Wednesday, traders’ focus will be squaring on data from the U.S. Energy Information Administration to see if it supports early indications of a decline in oil demand.

Notwithstanding market projections for a 25 basis point rate increase, some claim that the Fed may decide to halt future rate hikes or postpone the release of new economic predictions as a result of turmoil in the world banking industry.

In light of the banking crisis, there are worries that supply may also suffer more than demand.