Crude oil futures extended their weakness on Wednesday on data showing U.S. crude production rose to its highest in over two years. The report offset a decline in supplies of U.S. crude for a seventh-straight week. The Energy Information Administration (EIA) reported that Inventories of US crude fell by roughly 8.9m barrels in the week ended Aug 11. Gasoline inventories unexpectedly rose by roughly 22,000 barrels, while distillate stockpiles rose by 702,000 barrels. The report also highlighted total crude-oil production rose to 9.502 m barrels per day, an uptick of 79,000 barrels a day compared to last week.

Benchmark crude oil futures for September delivery ended down by $0.77 to $46.78 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended lower by $0.43 at $50.37 a barrel on the ICE.

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