Oil prices fell 1% on Wednesday, ending three days of gains, as industry sources pointed to rising U.S. crude stockpiles and hawkish remarks from Fed Chair Jerome Powell that signalled slower rate cuts this year.

The recent oil price hikes have boosted the prospects of the energy market, making investment in oil & gas stocks a suitable choice. Thus, adding quality oil and gas stocks Obsidian Energy (OBE), Suncor Energy (SU),

Oil futures posted their first loss in four sessions on Wednesday after official U.S. data revealed a third straight weekly climb in U.S. crude supplies.

Oil prices fell on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, paring back three days of gains driven by increasing Middle East tensions and intensifying sanctions.

U.S. crude oil inventories increased for a third consecutive week while gasoline stocks declined for the first time in three months, according to data released by the U.S. Energy Information Administration.