Oil prices extended losses in early Asian trading on Wednesday, after a report showed a build in U.S. crude and fuel inventories, adding to concerns about demand growth.
price movement
Brent crude futures were down 14 cents, or 0.2 percent, at $77.38 a barrel by 0005 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.3 percent, at $73.07 a barrel.
Both contracts fell about a dollar in Tuesday's session and nearly $3 a barrel on Monday, pressured by the OPEC+ alliance announcing plans to increase supplies from October despite recent signs of weak demand growth.
Data from the American Petroleum Institute showed that U.S. crude oil, gasoline and distillate inventories rose last week. Higher inventories are usually a sign that supply is outstripping demand.
The American Petroleum Institute showed crude inventories rose by more than four million barrels in the week ending May 31, compared with analysts' expectations for a decline of 2.3 million barrels in a Reuters poll.
Gasoline stocks also rose by more than four million barrels, much more than the two million-barrel gain analysts had expected.
The US Energy Information Administration will release official inventory data on Wednesday at 1430 GMT.
