Oil little changed around $77 a barrel

By Julianne Pepitone, staff reporter

NEW YORK (CNNMoney.com) -- Oil prices were little changed Wednesday after a government report showed crude stockpiles increased more than expected and BP agreed to put $20 billion in an escrow account to pay claims from the Gulf oil spill disaster.

What prices are doing: Crude oil for July delivery inched up slightly by 73 cents, or just under 1%, to settle at $77.67 a barrel Wednesday.

Click the chart to view the current price of oil and other commodities.

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: Crude stockpiles increased by 1.7 million barrels in the week ended June 11, according to a report by the U.S. Energy Information Administration Wednesday morning.

The report showed oil supplies exceeded inventory limits across all three major categories including crude, gasoline and distillates. Higher than expected inventories often drive prices down, but later in the day, prices rebounded slightly after a White House official confirmed BP (BP) has tentatively agreed to put $20 billion into an escrow account to cover costs related to the oil spill in the Gulf of Mexico.

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. To top of page

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