Crude oil prices settled sharply lower in futures market on Wednesday after the Energy Information Administration report revealed a weekly climb in domestic production to the highest level in over two years.

The government data also showed the largest weekly decline in U.S. crude supplies since September of last year and they have now fallen seven weeks in a row, but those figures failed to offer any lasting price support for oil during the session.

Light sweet crude oil (WTI) futures lost 0.77 dollar or 1.62 percent to close at USD 46.78 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures fell 0.53 dollar or 1.04 percent to close at USD 50.27 a barrel at NYMEX. WTI-Brent spread was stable on Aug-2017.

Natural gas futures remained flat at 2.890 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.564 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.574 a gallon at the NYMEX.