Oil falls due to worsening US gasoline inventories
Crude oil prices have retreated and traded at yesterday’s low, due to higher gasoline inventories, the US Petroleum Institute said yesterday night.
US crude is trading near $ 57 a barrel, while Brent crude is trading below the $ 62 level.
The US Petroleum Institute said that domestic oil inventories have shrunk by about five million and five hundred thousand barrels on a weekly basis, exceeding expectations, which indicated a drop of more than four million barrels.
On the other hand, data added that gasoline stocks rose sharply to meet the nine million barrels, and distillate stocks, which include diesel and heating oil rose by four million and three hundred thousand barrels.
Today, however, attention will be paid to the release of official US inventory data, which will be released by the Energy Information Administration, with expectations of a contraction of about three million four hundred thousand barrels