Oil Drops With Swelling Fuel Stockpiles Signaling Weak Demand

(Bloomberg) — Oil turned lower after U.S. government data showed fuel demand isn’t recovering as quickly as first believed.American gasoline supplies rose to the highest level in more than a month and distillate inventories jumped by the most since January 2019, according to the Energy Information Administation. Those increased offset a larger-than-expected decline in crude stockpiles, dragging West Texas Intermediate crude futures down by 1%.Production curbs by OPEC and its allies have helped the market move toward balance, after the massive demand destruction at the height of the virus pandemic in April. But the recovery remains tenuous, with U.S. producers …read more

Source:: Yahoo Finance