Drop in US oil prices

TOKYO – US oil prices extended declines into a second day after industry data showed an increase in US crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut.

US West Texas Intermediate crude CLc1 was down 19 cents, or 0.3 per cent, at $62.82 by 0028 GMT, after falling 90 cents the previous session.

Brent crude LCOc1 was yet to trade. On Tuesday, the contract fell 87 cents to close at $66.63 a barrel.

US crude stockpiles climbed last week as imports increased, while gasoline inventories climbed and distillate stocks were drawn down, industry group the American Petroleum Institute said on Tuesday.

Crude inventories rose by 933,000 barrels in the week to 421.2 million, compared with analyst expectations for an increase of 2.1 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.3 million barrels, the API said. Refinery crude runs dropped by 209,000 barrels per day, API data showed.

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