08:59 AM EDT, 07/16/2025 (MT Newswires) -- Oil prices dropped for a third session on Wednesday amid rising supply and a report showing U.S. inventories rose again last week.

West Texas Intermediate crude oil for August delivery was last seen down US$0.85 to US$65.67 per barrel, while September Brent crude was down US$0.74 to US$67.97.

Oil has traded in a tight range over the past three weeks as strong summer demand is being matched with rising supply. OPEC+ has been adding 411,000 barrels per day to the market in monthly tranches that began in May and will boost that by 548,000 bpd in August.

The additional supply is boosting inventories. Reuters on Tuesday reported the American Petroleum Institute's weekly survey showed U.S. oil stocks rose by 0.84-million barrels last week, the third-straight weekly rise, while the consensus estimate expected a drop of two-million barrels. The Energy Information Administration will release official data later on Wednesday morning.