Oil Extends Losses After Surprise Build-Up in U.S. Inventories

Crude oil inventories in the United States increased by 3.6 million barrels last week, the Energy Information Administration (EIA) reported on Wednesday.

Meanwhile, gasoline inventories declined by 5.3 million barrels in the week ended July 30, and distillate stockpiles rose by 800,000 barrels.

The rise in crude supplies comes against market expectations and earlier estimates by the American Petroleum Institute (API).

Following the release of the EIA weekly inventory report, oil prices continued to decline, nearing their third consecutive daily loss.

WTI crude futures are down by 3.22% at $68.29 a barrel, while Brent futures are down by 2.60% at $70.53 per barrel.