Oil prices fell on Wednesday, with the U.S. benchmark settling at its lowest year to date, after domestic crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week.

Crude oil futures posted modest gains Tuesday, following U.S. benchmark stock indexes in recovering part of the previous session's sharp losses.

Crude oil prices are expected to rise for a third week in a row due to US sanctions on Russia, positive economic data from China, and potential US interest rate cuts.