Oil prices fell for a second straight session on Wednesday, held down by a report showing U.S. stockpiles of crude rose unexpectedly and by higher production within the Organization of the Petroleum Exporting Countries (OPEC), adding to indications of greater supply.
Data released Wednesday by the U.S. Energy Information Administration revealed U.S. commercial crude inventories rose by 3.8 million barrels in the week through July 27. The American Petroleum Institute had said on Tuesday crude inventories rose by 5.6 million barrels last week, while analysts had expected a drop of 2.8 million.
Brent crude, the global benchmark, dropped $1.32, or 1.8% to $73.07 U.S. a barrel, adding to a 1.8% loss in the previous session.
U.S. crude was down $1.02, or 1.5%, at $67.74, after dropping 2% on Tuesday.
Gasoline stocks fell by 2.5 million barrels, compared with analysts' expectations in an economist poll for a 1.3 million-barrel drop. EIA datga showed distillate stockpiles, which include diesel and heating oil, rose by three million barrels, versus expectations for a 264,000-barrel increase.
