Crude oil report - 10:45AM

Oil extends losses as gasoline stocks rise NEW YORK (MarketWatch) -- Oil futures accelerated their decline on Wednesday after the Energy Information Administration reported a bigger-than-expected drop in crude supplies and a much larger-than-expected rise in gasoline stocks. Oil for July delivery was last down $1.32, or 2%, to $69.10 a barrel in electronic trading on Globex. Before the data, the contract was down 85 cents. The EIA reported Wednesday that crude supplies decreased by 3.9 million barrels during the week ended June 12 to stand at 357.7 million barrels. Analysts expected a decline of 1.7 million barrels in crude stockpiles, according to a Platts survey of analysts. The EIA also reported that gasoline inventories rose by 3.4 million barrels last week, while analysts polled by Platts had expected a rise of only 650,000 barrels. The EIA also said that distillate inventories rose by 0.3 million barrels last week.