Oil prices are approaching the lowest level since mid-March

Oil prices fell to near their lowest level since mid-March, with traders tracking tensions in the Middle East and the US inventory report, which stimulates falling prices.

Brent crude fell below $83 per barrel, after closing above the 100-day moving average in the previous two sessions. Futures have traded in a range of just over $1 so far this week. West Texas Intermediate crude was above $78 a barrel.

Crude oil inventories at the storage center in Cushing, Oklahoma, rose by more than one million barrels last week, according to estimates from the American Petroleum Institute, according to people familiar with the numbers. The data also showed an increase in gasoline and distillate stocks nationwide. Official data will be issued later on Wednesday.