Crude Oil Drops After Inventory Report

Oil futures moved lower Wednesday after the Energy Department released new petroleum inventory figures showing a larger-than-expected build in crude stores for the week ended June 20.

Texas light sweet crude was recently down $3.35 at $133.65 a barrel, and Brent crude was $2.86 lower at $133.60 a barrel. Reformulated gasoline was losing 8 cents at $3.38 a gallon, heating oil was sliding 7 cents at $3.74 a gallon, and natural gas was off 24 cents at $12.77 per million British thermal units.

The Energy Information Administration's weekly storage report showed that domestic crude stocks grew by 803,000 barrels last week. Analysts were expecting a draw of 1.1 million barrels. Motor gasoline stocks fell by 153,000 barrels, whereas analysts had forecast that gas stocks would remain unchanged. Also, distillate inventories increased by 2.8 million barrels, or about 800,000 barrels more than analysts were expecting. ...