NEW YORK (CNNMoney.com) -- Oil prices fell Wednesday after a report said crude supplies rose last week.
What prices are doing: Crude oil for July delivery fell 38 cents to $76.56 a barrel Wednesday.
The national average price for a gallon of regular unleaded gasoline rose to $2.70 from the previous day's price of $2.696, according to motorist group AAA. That increase snapped nine straight days of declines.
What's moving the market: After oil settled Tuesday, the trade group American Petroleum Institute released a report at 4:30 p.m. ET that said crude stockpiles rose by 579,000 barrels last week.
Investors will be looking to see if those data are matched in a more closely watched inventory report due out at 10:30 a.m., from the U.S. Energy Information Administration. Research group Platts forecast crude oil stocks fell by 1.75 million barrels last week.
Oil prices extended losses after a government report showed new home construction fell by 10% in May.
Prices were also under pressure from the foreign exchange market, as the euro was down 0.4% against the dollar Wednesday. Commodities are sold in U.S. dollars around the world, so a stronger greenback makes oil more expensive for foreign investors and therefore dampens demand.
BP oil spill: In a televised speech Tuesday night, President Obama used his first Oval Office address to the nation to say 90% of the oil gushing into the Gulf of Mexico will be captured within weeks. He also called for an end to U.S. dependence on fossil fuels.
Obama will meet Wednesday with the chairman of BP, which owns the Gulf well that began spilling oil after a rig explosion in April. Obama said he will tell BP Chairman Carl-Henric Svanberg to set aside money to compensate affected workers and business owners.
