Oil prices dropped slightly on Wednesday on disappointing weekly U.S. stockpiles data.

U.S. crude stocks decreased by 2.4 million barrels during the week of Oct. 27, the U.S. Energy Information Administration (EIA) said on Wednesday.

American Petroleum Institute (API) reported Tuesday that U.S. crude inventory dropped 5.1 million barrels last week. Analysts said the EIA data was significantly less than API's figure and the oil prices had dropped since the EIA data came out.

The West Texas Intermediate for December Delivery erased 0.08 dollar to settle at 54.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.45 dollar to close at 60.49 dollars a barrel on the London ICE Futures Exchange.