Oil prices fell to a seven-month closing low on Wednesday after data showed an unexpectedly large weekly build in U.S. gasoline inventories and International Energy Agency (IEA) data projecting an increase in non-OPEC production.

U.S. crude fell $1.73, or 3.7 percent, to end Wednesay's session at $44.73, the lowest level since Nov. 14. It earlier fell to a five-week intraday low of $44.54.

Brent crude fell as low as $46.74 following the report. It recovered slightly to $47.03 by 2:38 p.m. ET (1838 GMT), down $1.69 a barrel, or 3.5 percent.

Prices were little changed after the Federal Reserve raised its benchmark interest rate by a quarter of a percent.

The increase in U.S. gasoline inventories drove down RBOB futures by about 4.5 percent, tugging Brent and U.S. crude futures lower with them, analysts said.

"Oil futures are being dragged down by gasoline futures. The industry continues to turn a crude oil surplus into a gasoline and distillate product surplus," Andrew Lipow, president of Lipow Oil Associates in Houston said.