The price of oil slipped after the U.S. government said crude stockpiles grew by 4.2 million barrels last week. A private report released Wednesday had showed an even larger increase.

U.S. benchmark crude fell 78 cents, or 1.8 percent, to $42.15 a barrel in New York. Brent crude, which is used to price international oils, slid 64 cents, or 1.4 percent, to $45.97 a barrel in London.