Crude prices retreat as supplies increase

Crude price dropped Wednesday as U.S. crude inventories gained more than expected.

Energy Information Administration (EIA), the Energy Department' s statistical arm, released Wednesday its report covering U.S. crude supplies of last week.

U.S. crude stockpiles added 3.7 million barrels to 362.3 million barrels for the week ending Sept. 12, topping market expectation.

Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude, fell 400,000 barrels to 20.0 million.

After a two-day meeting, the Federal Reserve said it will maintain the interest rates near zero for a "considerable time" after their bond buying program ends in October, matching market's expectation.

On the economic front, the U.S. Consumer Price Index (CPI) for all urban consumers fell 0.2 percent in August on a seasonally adjusted basis, marking the first decline since April 2013, said the Labor Department Wednesday. Meanwhile, the core CPI, which excludes food and energy costs, remained unchanged.

Light, sweet crude for October delivery moved down 46 cents to settle at 94.42 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery lost 8 cents to close at 98.97 dollars a barrel.