Global oil prices extended declines Wednesday after the U.S. Energy Information Administration reported a much larger-than-expected increase in domestic crude stocks.
The EIA said American oil inventories rose 7.07 million barrels last week to 452.93 million barrels, the highest since December 2017. The tally largely reflects yesterday's private estimate from the American Petroleum Institute but tops the 1.2 million Street forecast.
Crude supplies at the key export hub of Cushing, Oklahoma also rose by 873,000 barrels, the EIA said.
Brent crude contracts for May delivery, the global benchmark for oil prices, were marked 32 cents lower from their Tuesday close and changing hands at $65.54 per barrel following the EIA release.
WTI contracts for April delivery, which are more tightly linked to U.S. gasoline prices, were seen 84 cents lower at $55.72 per barrel.