Oil Futures Extend Drop After Crude Inventories Jump

Oil futures extended losses Wednesday after the U.S. Energy Information Administration said domestic commercial crude inventories rose by 10.9 million barrels to 482.4 million, the highest level for this time of year in at least 80 years. Domestic oil production rose by 18,000 barrels a day to 9.404 million barrels, the EIA said. Analysts surveyed by The Wall Street Journal had forecast, on average, a rise in inventories of 3.4 million barrels. Oil futures extended losses, with West Texas Intermediate crude for May delivery on Nymex falling $2.32, or 4.3%, to $51.66 a barrel.