By Kate Gibson, MarketWatch NEW YORK (MarketWatch) -- Crude-oil futures on Wednesday retreated from a two-week high after a report said supplies rose last week, pointing to only lukewarm global demand. The crude-oil-futures contract for August delivery was off 57 cents at $76.58 a barrel in electronic trade on the New York Mercantile Exchange. On Tuesday, crude for August delivery rallied $2.20, or 2.9%, to $77.15 a barrel, closing above the $77-a-barrel level for the first time since June 28. After Tuesday's settlement, the American Petroleum Institute reported U.S. stockpiles of crude, gasoline and distillate rose last week. The Washington industry group said oil inventories climbed 1.74 million barrels last week. The front-month contract has traded between $70 and $80 since late May amid mixed economic reports and relatively few changes in overall supply and demand. On Wednesday, the government's supply report is slated for release at 10:30 a.m. Eastern, with analysts polled by Platts, the energy-information unit of McGraw-Hill Cos., expecting a 2.6-million-barrel drop in commercial crude inventories for last week. The dollar offered limited support to crude and other commodities, with the dollar index (DXY 83.51, -0.13, -0.15%) , which compares the U.S. unit to a basket of six currencies, off less than 0.1% at 83.62. A weaker dollar usually bolsters commodities as it makes them less expensive to holders of other currencies. U.S.-listed shares of BP PLC (BP 36.59, -0.29, -0.79%) were down about a buck in premarket trade after the oil giant announced further delays in an effort to stem the flow of crude in the Gulf. Read about company's go-slow approach.

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