Crude Drops $5 As Gasoline Supplies Rise
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Crude futures are under pressure today, falling $5 per barrel to $65.50, after data from the U.S. Department of Energy showed another sharp increase in gasoline inventories. Gasoline supplies rose 1.12 million barrels to 196.1 million barrels last week. Economists were looking for a 650,000 barrel drop in gasoline supplies.
The DOE data showed that Crude inventories rose 54,000 barrels, which was smaller than the expected 1 million barrel build-up. Distillate inventories rose 1.21 million barrels, versus an expected 1.55 million barrel build-up.
Yesterday, crude rose on a weak U.S. dollar and reports OPEC could cut production further.
Crude has fallen 56% after hitting a record high of $147.27 in July on fears of a global economic slowdown.
The DOE data showed that Crude inventories rose 54,000 barrels, which was smaller than the expected 1 million barrel build-up. Distillate inventories rose 1.21 million barrels, versus an expected 1.55 million barrel build-up.
Yesterday, crude rose on a weak U.S. dollar and reports OPEC could cut production further.
Crude has fallen 56% after hitting a record high of $147.27 in July on fears of a global economic slowdown.
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