NEW YORK, March 8 (Xinhua) -- Oil prices declined on Wednesday following the release of U.S. fuel stockpiles data.

The West Texas Intermediate (WTI) for April delivery dropped 92 cents, or 1.19 percent, to settle at 76.66 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery lost 63 cents, or 0.76 percent, to close at 82.66 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration (EIA) reported Wednesday that the country's commercial crude oil inventories decreased by 1.7 million barrels during the week ending March 3.

According to the EIA, total motor gasoline inventories decreased by 1.1 million barrels last week, while distillate fuel inventories increased by 0.1 million barrels.

"The report did not provide support to oil markets as traders remained focused on the recent changes in Fed policy outlook," Vladimir Zernov, analyst with market information supplier FX Empire, said on Wednesday.

In his testimony to the U.S. Senate Banking Committee on Tuesday, Federal Reserve Chair Jerome Powell said that "the ultimate level of interest rates is likely to be higher than previously anticipated," and that the Fed would be prepared to increase rates at a faster pace if warranted by the "totality" of the data.