Oil Extends Losses After Large U.S. Stock Build

Group 1 - Oil futures extended losses due to a significant increase in U.S. crude oil inventories, which rose by 5.2 million barrels according to the EIA report [1] - The increase in crude oil inventories was primarily driven by a rise in imports, which offset the previous week's inventory drawdown [1] - Gasoline stocks experienced a larger-than-expected decline, falling by 4.7 million barrels for the fifth consecutive week, while distillate stocks decreased by 643,000 barrels, marking five weeks of decline [2]