Investing.com - West Texas Intermediate oil futures extended losses on Wednesday, after data showed that oil supplies in the U.S. increased more than expected last week.
On the New York Mercantile Exchange, crude oil for delivery in January traded at $73.44 a barrel during U.S. morning hours, down 65 cents, or 0.88%. Prices were at around $73.76 a barrel prior to the storage report.
Nymex oil hit $73.25 a barrel on November 14, the lowest level since September 2010.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 1.9 million barrels in the week ended November 21, compared to expectations for an increase of 0.5 million barrels.
Total U.S. crude oil inventories stood at 383.0 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 1.8 million barrels, broadly in line with market expectations, while distillate stockpiles fell by 1.6 million barrels.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery shed 72 cents, or 0.93%, to trade at $77.61 a barrel. Brent futures fell to a four-year low of $76.76 a barrel on November 14.
Oil prices have been under heavy selling pressure in recent weeks amid speculation the Organization of the Petroleum Exporting Countries will not cut output to support the market when it meets in Vienna on Thursday.
London-traded Brent prices have fallen nearly 33% since June, when it climbed near $116, while WTI futures are down almost 32% from a recent peak of $107.50 in June.
Some market experts believe prices could drop an additional 20% to $60 per barrel if OPEC does not agree to cut production significantly.