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Aug. 3, 2022, 2:39 p.m. EDT

U.S. oil benchmark ends sharply lower after rise in crude, gasoline inventories

Oil futures ended sharply lower on Wednesday after government data showed an unexpected rise in U.S. crude and gasoline inventories, wiping out early gains that came after OPEC+ delivered only a small increase in its September production target. West Texas Intermediate crude for September delivery (NYM:CL.1) fell $3.76, or 4%, to close at $90.66 a barrel. The U.S. benchmark saw a front-month close of $92.10 a barrel on Feb. 23, the day before Russia's invasion of Ukraine, which sent crude soaring to an intraday high above $130 a barrel in early March.

Link to MarketWatch's Slice.