Oil Tumbles to Lowest Since November as Gasoline Supplies Surge
- Gasoline inventories rose 2.1 million barrels last week: EIA
- Refinery utilization increased, while gasoline demand slipped
Ayers' Barratt Sees U.S. Oil Inventories Building
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Oil slipped to the lowest since November as weaker demand at the start of the summer driving season led to another increase in gasoline stockpiles.
Futures closed 3.7 percent down in New York. Gasoline inventories rose 2.1 million barrels last week, and diesel supplies also increased, according to the Energy Information Administration. Crude inventories fell by 1.66 million barrels, less than the 2.45 million barrels that analysts surveyed by Bloomberg had expected.