After a three-day gain, oil prices fell on Wednesday as investors anticipated US inflation data to determine the next rate move in the world's largest oil consumer. An unexpected increase in U.S. oil stocks had raised demand concerns.

Brent crude slipped 0.7% to $76.92 per barrel, while West Texas Intermediate dipped 0.7% to $73.22.

According to market sources cited by the American Petroleum Institute on Tuesday, U.S. crude stocks climbed by around 3.6 million barrels in the week ending May 5, while gasoline stockpiles surged by 399,000 barrels, which may be an indication of weaker demand.

The market is anticipating the release on Wednesday the consumer price index (CPI) data for April in the United States.

The market is also anticipating the Organization of the Petroleum Exporting Countries' (OPEC) monthly oil report, which is due on Thursday, for hints about whether the club and its partners will need to trim output once more to support prices.

Markets were also keeping an eye on Joe Biden, the vice president, and top Republican lawmakers as they discussed extending the $31.4 trillion debt ceiling because they believe that if Congress does not act within three weeks, there will be an unprecedented default.