(Bloomberg) -- Oil extended losses in New York after a report showed U.S. crude inventories stored at Cushing, Oklahoma, had the biggest build since January 2009.
Futures fell 2 percent. Overall U.S. crude stockpiles fell 2.39 million barrels last week, according to an Energy Information Administration report on Wednesday. A 1.5 million barrel decrease was forecast by analysts surveyed by Bloomberg. Supplies at Cushing rose 3.78 million barrels.
Prices fell as much as 1.4 percent before the report's release on speculation that OPEC output cuts will lead to more U.S. shale production and amid signs that the cartel won't insist all its partners deliberately reduce output.
West Texas Intermediate for January delivery fell $1.02 to $49.91 a barrel at 10:38 a.m. on the New York Mercantile Exchange. Brent for February settlement fell 85 cents to $53.08 a barrel on the London-based ICE Futures Europe exchange.
To contact the reporter on this story: Jessica Summers in New York at jsummers24@bloomberg.net. To contact the editors responsible for this story: Margot Habiby at mhabiby@bloomberg.net, David Marino
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