Crude Futures Decline Following Unexpected Rise in US Crude Inventories

Crude Futures Decline Following Unexpected Rise in US Crude Inventories

Crude-oil futures declined Wednesday after a report late in the prior session illustrated an unexpected and sharp rise in U.S. crude inventories last week.

Benchmark crude for September delivery fell 76 cents to $75.01 a barrel in electronic trade on the New York Mercantile Exchange. The contract had rebounded Tuesday from a six-session losing streak, adding 53 cents to end at $75.77 a barrel, MarketWatch says.

Oil last finished a trading day on the Nymex below $75 on July 12. Closing prices last week slid below $80 after trading above that level for more than a week.

The Department of Energy will release its weekly report in inventories of crude, gasoline and distillates, which include diesel, on Wednesday in Washington, Transport Topics informs.