Oil Declines on U.S. Inventory Data

NEW YORK—Oil prices extended their losses on Wednesday after weekly inventory data showed the first increase in U.S. crude-oil supplies in nine weeks.

Light, sweet crude for August delivery recently fell $1.55, or 2.6%, to $57.92 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.04 cents, or 1.6%, to $62.55 a barrel on ICE Futures Europe.

Commercial crude-oil inventories in the U.S. rose by 2.4 million barrels in the week ended June 26, the U.S. Energy Information Administration said Wednesday. Analysts surveyed by The Wall Street Journal had expected a decline of 1.2 million barrels. (by NICOLE FRIEDMAN, Wall Street Journal)