Crude-oil futures on Wednesday extended losses to a third straight session, as an earlier rebound fizzled and investors focused on a surprise increase in supplies.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December fell 3 cents, less than 0.1%, to settle at $74.58 a barrel. Prices have lost 1.6% over the past three sessions. January Brent crude on London’s ICE Futures exchange fell 37 cents, or 0.5%, to finish at $78.10 a barrel. Brent prices slid 1.7% in the last three sessions. The Energy Information Administration report earlier Wednesday showed a surprise increase in supplies. The EIA said U.S. crude supplies rose by 2.6 million barrels in the week ended Nov. 14. That contrasted with analyst expectations of a decline by 660,000 barrels, according to Platts. The EIA also said gasoline inventories increased by 1 million barrels, and supplies of distillates, which include heating oil, were down by 2.1 million barrels in the week. The analysts surveyed by Platts had expected gasoline supplies to increase by 600,000 barrels and distillates stocks to decrease by 1.2 million barrels.

Oil markets remain so focused on the upcoming meeting of the Organization of the Petroleum Exporting Countries that they have largely shaken off a number of positive developments on several fronts, including fundamental, financial and OPEC-related news, analysts at Morgan Stanley said in a note. Libyan oil production has disappointed of late with more signs of trouble, and China’s crude processing volumes were strong in October despite much lower imports, the bank added by way of examples.

Oil markets have also been overly focused on Saudi Arabia’s crude-oil exports. Saudi Arabia’s crude-oil exports alone are not an accurate indicator of its petroleum supplies to the market as the kingdom has built massive new refineries to export fuels such as diesel and gasoline, Barclays analyst Miswin Mahesh said. Saudi Arabia is the No. 1 oil exporter in the world. Combined data for crude-oil and petroleum product exports show that Saudi Arabia has already reduced its liquid fuel exports by around one million barrels a day from this year’s peak, he said.