West Texas Intermediate oil extended losses in North American trade on Thursday, after data showed that oil supplies in the U.S. registered a surprise inventory build.
Crude oil for August delivery on the New York Mercantile Exchange fell 86 cents, or 1.2%, to trade at $73.28 a barrel by 11:02AM ET compared to $74.05 ahead of the report.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 1.245 million barrels in the week ended June 29. Market analysts' had expected a crude-stock draw of 5.200 million barrels, while the American Petroleum Institute on Tuesday reported a supply draw of 4.500 million barrels.
Source : investing.com