Crude prices tumbled on Wednesday as U.S. crude inventories rose sharply by 7.1 million barrels last week and some industrial countries were talking about tapping emergency oil reserves.

The Energy Information Administration (EIA) reported that thanks to steep imports increase, U.S. crude oil inventories surged by 7.1 million barrels in the week ended March 23, the largest rise since July 2010. In the week, imports jumped to 9.3 million barrels per day, compared to 8.2 million barrels in the previous week.

But the EIA report showed that gasoline inventories declined 3. 5 million barrels.

There was another report on Wednesday saying that France was talking with the United States and Britain about releasing oil reserves, which was bearish to crude prices.

But geopolitics offered support to oil prices, paring the losses.

Light, sweet crude for May delivery fell 1.92 dollars, or 1.79 percent, to settle at 105.41 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery also slipped and last traded around 124 dollars a barrel.