Oil ends lower as gasoline supply, oil output climb

Oil futures settled lower on Wednesday after a weekly U.S. government report revealed an unexpected climb in gasoline supplies and an increase in oil production.

August crude CLQ5, +0.02%  lost 74 cents, or 1.2%, to settle at $60.27 a barrel on the New York Mercantile Exchange following a volatile session in the wake of supply data.

August Brent crude on London’s ICE Futures exchange LCOQ5, +0.27% ended at $63.49 a barrel, down 96 cents, or 1.5%.

The U.S. Energy Information Administration on Wednesday reported a drop of 4.9 million barrels in crude supplies for the week ended June 19. Analysts polled by Platts forecast a crude-stock fall of 2.3 million barrels, while the American Petroleum Institute late Tuesday reported a decline of 3.2 million barrels.

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