Prices for U.S. oil benchmark futures fell sharply Thursday, a day after a U.S. government report revealed a hefty weekly rise in domestic crude inventories. July West Texas Intermediate crude fell $1.13, or 1.6%, to settle at $70.71 a barrel on the New York Mercantile Exchange, the lowest finish since May 11, according to FactSet data. Prices have now declined for three sessions in a row.