Crude prices fell for the sixth straight day on Wednesday over European worries and U.S. inventories increase.

As Greece struggled to form a new government after the parliamentary elections, worries about eurozone debt problems and economic outlook grew. The wide-spread fears weighed on the euro, pushing the bloc's common currency to weaken against the dollar for an eighth day. The euro fell as much as 0.7 percent to a three-month low of 1.29 dollars during the trading session. A stronger dollar made the commodities less attractive.

Besides, the U.S. Energy Information Administration said the crude inventories added 3.7 million barrels in the week ended May 4, more than people expected. It was the seventh consecutive weekly gains for U.S. crude stocks, bringing the total amount to 379.5 million barrels, the highest level since August 1990. And crude stocks at the delivery point in Cushing, Oklahoma, rose to another record high of 44.13 million barrels. Sufficient supplies also pressured on oil prices.

Light, sweet crude for June delivery dropped 20 cents to settle at 96.81 dollars a barrel on the New York Mercantile Exchange. In the last six trading days, it has dropped 9.35 dollars, or 8.81 percent. In London, Brent crude for June delivery also declined and last traded at around 112 dollars a barrel.