Oil Falls Near $77 as Supply Jumps

Oil prices fell near $77 Wednesday after a report showed that crude supplies jumped last week, the Associated Press reported.

Crude oil for September delivery was down 27 cents to $77.23 a barrel on the New York Stock Exchange early Wednesday, AP said.

Inventories increased 3.1 million barrels last week, the American Petroleum Institute said in a report late Tuesday. Distillate fuels and gasoline supplies also rose.

Oil fell $1.48 Tuesday to settle at $77.50 after reports showed U.S. consumer confidence and manufacturing down.