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Magnifying previous session’s losses, crude oil futures ended significantly lower on Wednesday amid concerns over access supply in the market. Trump is reportedly planning to sell Venezuelan crude oil worth up to $3 billion currently stored in tankers and reserve facilities. Meanwhile, the U.S. Energy Information Administration data showed that for the week ending January 2, crude oil inventories in the U.S. fell by 3.831 million barrels. For the same period, gasoline inventories jumped by 7,702,000 barrels, distillate inventories increased to 5,594,000 barrels, and heating oil inventories climbed by 672,000 barrels.

Benchmark crude oil futures for February delivery fell $1.14 or 2% to settle at $55.99 a barrel on the New York Mercantile Exchange. Brent crude for March delivery declined $0.74 or 1.22% to settle at $59.96 a barrel on London's Intercontinental Exchange.