Oil Prices Slump, U.S Gasoline Inventories Rise
Oil prices fell on Thursday as gasoline inventories in the United States, the world’s largest oil consumer, rose for a fifth consecutive week, although a draw in crude stockpiles helped support prices.
Brent crude futures fell by 16 cents, or 0.2%, to $68.80 barrel by 0123 GMT
U.S. West Texas Intermediate (WTI) crude futures dropped by 20 cents, or 0.3%, to $65.43 a barrel.
Effect of rise in U.S Gasoline inventorie
“Oil prices fell in response to U.S. gasoline stockpiles rising, however, the drop in prices is unwarranted as U.S. demand remains strong.” Analysts ,Commonwealth Bank of Australia.
U.S. crude stocks fell last week more than expected as refining output rose and exports surged, the Energy Information Administration said on Wednesday.
Crude inventories fell by 8 million barrels in the week to April 30 to 485.1 million barrels, compared with expectations for a 2.3 million barrel drop.