Oil prices plunged after data showed that U.S. stockpile rose for the 9th consecutive week.

The U.S. crude oil inventories rose 8.2 million barrels in the March 3 week to 528.4 million, up 7.7 percent from last year at this time, according to data released by the U.S. Energy Information Agency on Wednesday.

Analysts said the rise far exceeded the market expectation and renewed concern over global oil glut.

The West Texas Intermediate for April Delivery erased 2.86 U.S. dollars to settle at 50.28 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 2.81 dollars to close at 53.11 dollars a barrel on the London ICE Futures Exchange.