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Oil prices drop as U.S. stockpile grows

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Oil prices slipped Wednesday as traders anticipated that fresh U.S. energy inventory data would show gasoline stockpiles rose last week.

Light, sweet crude for July delivery on the New York Mercantile Exchange dropped 15 cents to $65.20 a barrel in electronic trading by midday in Europe.

The contract dipped 62 cents on Tuesday as traders took profits from the previous session’s rally.

The inventory report from the U.S. Energy Department’s Energy Information Administration, due later today, is expected to show gasoline inventories rose by an average of 2 million barrels last week, boosted by rising refinery output and higher imports.

Gasoline inventories, which declined for three straight months earlier this year amid refinery outages, have risen in the last five weeks but remain below their historic average.

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