Slow start to US driving season dents oil prices

Singapore — Oil prices fell on Thursday as inventory data in the US, the world’s top oil consumer, showed a surge in petrol stocks that indicates weaker-than-expected fuel demand at the start of summer, the country’s peak driving season.

"Markets had been optimistic on demand as the US enters the peak summer driving season," analysts from ANZ Research said in a note on Thursday. US crude oil stockpiles that include the Strategic Petroleum Reserve fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration said on Wednesday.

Gasoline demand fell to 8.48-million bpd in the week to June 4, down from 9.15-million bpd from the week before, but up from 7.9-million bpd a year ago, EIA data showed.

Source: News Formal (newsformal.com)

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