Energy companies were among the biggest decliners, paced by losses in refining companies including Valero Energy and Marathon Petroleum.

Crude oil inventories increased last week as the U.S. produced and imported more oil while exporting less, according to data released Wednesday by the Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 3.7 million barrels to 459.7 million barrels in the week ended June 7, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.2 million barrels.

Global oil markets are headed toward a major glut this decade, a global energy watchdog forecasted, citing surging supplies and slowing demand growth for crude thanks to lower-emissions energy sources.

The International Energy Agency, whose members include the world's biggest oil consumers, predicted in its closely watched medium-term oil market report that so-called spare capacity-the amount of pumping capacity left unused because of adequate supply-could surge in coming years to levels only seen during the Covid-19 pandemic.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

06-12-24 1624ET