TOKYO, March 1 (Reuters) - Oil prices extended declines onThursday after official data showed a larger-than-expectedincrease in U.S. crude inventories and a surprise build ingasoline stocks.
U.S. West Texas Intermediate crude for April delivery CLc1 was down 11 cents at $61.53 a barrel by 0100 GMT after settlingdown $1.37.
New front-month London Brent crude LCOc1 for May deliverywas down 16 cents at $64.57, having ended down $1.79. The Aprilcontract expired on Wednesday, settling down 85 cents at $65.78.
Some industry sources said Wednesday's decline was also dueto profit-taking by market participants at the end of the monthafter oil hit a three-week high earlier this week.
U.S. crude inventories rose by 3 million barrels last week,compared with analyst expectations for a build of 2.1 millionbarrels, weekly data by the Energy Information Administration(EIA) showed. EIA/S
Gasoline stocks also rose by 2.5 million barrels againstexpectations for a 190,000-barrel drop, which pushed gasolinefutures sharply lower. Distillate stockpiles, which includediesel and heating oil, fell by 1 million barrels, versusexpectations for a 709,000-barrel drop.
Soaring U.S. production has kept a lid on oil prices thisyear, even though the Organization of the Petroleum ExportingCountries and Russia have reduced output.
U.S. crude oil production rose to a record 10.057 millionbarrels per day (bpd) in November and retreated slightly inDecember to 9.949 million bpd, the EIA said on Wednesday. oil output fell in February to a 10-month low as theUnited Arab Emirates joined other Gulf members inover-delivering on a supply reduction pact, a Reuters surveyfound on Wednesday, pushing compliance with the deal to itshighest at 149 percent.