Crude prices retreat on ample supplies

Crude price fell Wednesday as government report showed that gasoline stockpiles of the United States rose last week.

U.S. gasoline increased 360,000 barrels to 218.2 million, the highest level since March 14, according to the Energy Information Administration (EIA).

Crude stockpiles lost 3.7 million barrels to 367.4 million barrels for the week ended July 25. Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude, fell 920,000 barrels to 17.9 million.

U.S. peak summer driving season started on Memorial Day, which came on May 26 this year, through to Labor Day on Sept. 1.

Analysts thought the fuel demand outlook is weak despite the strong economy data.

On the economic front, the U.S. economy grew at an annual rate of 4.0 percent in the second quarter after unexpectedly shrinking in the first three months this year, the U.S. Commerce Department said Wednesday. The first quarter real GDP was upwardly revised to shrink 2.1 percent.

Light, sweet crude for September delivery moved down 70 cents to settle at 100.27 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 1.21 dollars to close at 106.51 dollars a barrel.