Oil Falls With U.S. Gasoline Supplies Rising Most Since February

Andres Guerra Luz and Alex Longley
·1 min read

(Bloomberg) -- Oil slid after the biggest U.S. gasoline supply increase in two months outweighed declining crude inventories.

Futures in New York edged lower on Wednesday in a choppy trading session. An Energy Information Administration report showed domestic gasoline stockpiles rose more than 4 million barrels last week. The report also showed crude inventories dropped to the lowest in five weeks.

Prices have been stuck in a range the past few weeks as lockdowns continue in parts of the world, threatening to upend a summer travel surge and global demand rebound. At the same time, OPEC+ producers plan to gradually return barrels to the market over the coming months and Iran already boosted exports ahead of a revival of the 2015 nuclear deal, further adding to concerns of growing supply.

West Texas Intermediate crude futures for May delivery declined 41 cents to $58.92 a barrel at 10:35 a.m. in New York. Brent for June settlement fell 36 cents to $62.38 a barrel on the London-based ICE Futures Europe exchange.

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