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 more than 1% a barrel on Wednesday, on track to end three days of gains after data showed U.S. crude stockpiles rose by more than expected last week, and hawkish remarks from the Federal Reserve chair.

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.