U.S. crude oil inventories increased more than expected as production picked up, while the build in gasoline stocks extended to almost three months.

Oil prices dropped over 1% on Wednesday as rising U.S. stockpiles and concern about a new Sino-U.S. trade war fuelled fears of weaker economic growth, offseting U.S. President Donald Trump's renewed push to eliminate Iranian crude exports.

Oil prices slide 2% despite U.S. President Trump reinstating maximum pressure on Iran, as rising U.S. crude inventories and fears of a trade war raise demand concerns. Brent crude is down 1.9% to $74.

Crude oil inventories and gasoline stocks saw larger than expected builds last week, leading to a renewed sell off in oil