Oil prices tumbled on Wednesday, with U.S. crude settling about 3 percent lower, after an unexpectedly large inventory build in the world's biggest oil consumer renewed worries about oversupply.

The U.S. Energy Information Administration (EIA) said crude inventories rose 2.5 million barrels last week, versus analysts' forecasts for a draw of 500,000 barrels. [EIA/S]

Gasoline and distillate stocks also rose, the EIA said, driving down oil prices that had mostly risen in the past two weeks on speculation of an output freeze by OPEC.

U.S. West Texas Intermediate (WTI) futures settled down $1.33, or 2.8 percent, at $46.77 per barrel.

Brent crude futures fell 91 cents, or 1.8 percent, to close at $49.05.

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