Crude Oil Prices Extended Decline after Surprise Inventory Gain

Crude oil extended decline from the highest level since 2014 after U.S. crude inventory shows surprise gain and a big increase in gasoline supplies.

U.S. crude futures WTI dropped 1.89% to $83.92 per barrel.

U.S. crude stockpiles expanded by 515,000 barrels last week, according to the Energy Information Administration. Gasoline inventories rose by 5.87 million barrels, compared with a 2.6-million barrel gain forecast in the survey.

Meanwhile, the White House said it is working on to speed up the release of strategic oil reserves.