• Oil dropped after the US reported crude inventories rose 12 million barrels last week, the most since November.
• West Texas Intermediate fell 1.6% to settle below $77 a barrel, after trading in a roughly $2 range. While the crude buildup surprised investors, falling gasoline stockpiles and surging jet fuel demand capped losses. Jet fuel consumption on a four-week basis rose to a pre-pandemic seasonal high, according to the Energy Information Administration.