Front month oil futures declined on Wednesday, hit by a report from the US government which showed a significant increase in crude supplies for the week ended March 1st.

The April contract for the commodities fell 0.4% to end the session at $90.43 a barrel on NYMEX, coming of levels as low as $89.55 earlier in the session.

According to the US Energy Information Administration, crude supplies rose 3.8m barrels, significantly higher than expectations of 1.1m.

Heating oil futures were also lower, down 0.1% to $2.98 a gallon, while natural gas declined 1.7% to $3.47 per million British thermal units.

Meanwhile, gold futures were unaltered by the close on Wednesday, ahead of today's European Central Bank and the Bank of England monetary policy decisions.

The commodity had previously climbed for two consecutive sessions.

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