Oil Fades as U.S. Raises ‘Red Flags’ With Slump in Fuel Demand
- Gasoline, distillate stockpiles grew almost 10 million barrels
- WTI falls for third day amid weak consumption data from EIA
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Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand.
Futures slid 1.5% in New York on Wednesday to the lowest in two weeks after the U.S. Energy Information Administration reported inventories of gasoline and distillate fuels grew by a combined 9.25 million barrels last week, well above analysts’ estimates. Crude inventories did decline by more than 3 million barrels, but that was driven in part by temporary production outages related to Hurricane Barry.