By Polya Lesova
NEW YORK (MarketWatch) -- Oil futures extended their decline to trade below $70 a barrel Wednesday after the Energy Information Administration reported that crude supplies rose by 1.7 million barrels during the week ended July 31. The EIA also said that gasoline stocks fell by 200,000 barrels and distillate inventories dropped by 1.1 million barrels last week. Analysts surveyed by Platts expected the EIA data to show a rise of 1.5 million barrels in crude stocks and a decline of 2 million barrels in gasoline supplies. They also projected a build of 1.1 million barrels in distillate stocks. After the data, crude for September delivery was last down $1.65 to $69.78 a barrel on Globex. Before the data, crude was trading near $70.73 a barrel.
