Inventories of commercial US crude oil increased by 1.9 million barrels from the previous week, according to the US Energy Information Administration.

Brent crude slid 58 cents to $77.75 a barrel after the data.

The drop came as Saudi Arabia indicated it would not push for output cuts to help push up oil prices.

US crude finished Wednesday's business down 40 cents at $73.69 a barrel.

The oil market will "stabilise itself eventually", said Saudi Oil Minister Ali al-Naimi.

Saudi Arabia is the largest producer of the 12 members of the Organization of the Petroleum Exporting Countries (Opec).

The oil cartel is split over how to react to the sharp slump in oil prices.

The price of Brent crude has plunged 30% since June, triggered by a sharp rise in US shale oil output and weakening global demand.

(BBC News)