US gasoline stocks increase suppresses oil prices

Business | 8 Apr 2021 12:01 pm

Crude oil prices fell on Thursday after official figures showed a big increase in U.S. gasoline stocks, causing concerns about demand for crude weakening in the world’s biggest consumer of the resource at a time when supplies around the world are rising, Reuters reports.

Brent crude eased 36 US cents, or 0.6 percent, at US$62.80 a barrel by 0136 GMT. U.S. oil fell US 38 cents, or 0.6 percent, to US$59.39 a barrel.

While crude stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply, also against expectations, the Department of Energy said on Wednesday.

Oil inventories dropped by 3.5 million barrels last week to nearly 502 million barrels, while gasoline stocks increased by 4 million barrels, against expectations of a decline, to just over 230 million barrels, as refiners ramped up production before the summer driving season.

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