Oil slid lower after a U.S. government report showed a surprise increase in domestic crude stockpiles.
Futures dropped as much 1.5 percent in New York on Wednesday. American crude inventories rose by 2.07 million barrels last week, confounding 12 of 13 analysts in a Bloomberg survey who were expecting supplies to decline. At the same time, gasoline stockpiles increased by the most since December.
West Texas Intermediate for July delivery fell 99 cents to $64.53 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Brent futures for August settlement declined 59 cents to $74.79 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude was $10.16 above WTI for the same month.
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