COMMODITY
Crude oil futures end deeply in red on surging gasoline inventories in US
Dec-07-2023

Crude oil futures ended deeply in red on Wednesday, extending recent session’s losses, after data showing a large increase in gasoline inventories in the U.S. in the week ended December 1, raised concerns about the outlook for fuel demand. According to the data released by the Energy Information Administration (EIA), gasoline stocks surged 5.4 million barrels last week, more than five times the expected increase. However, the EIA data also showed crude inventories dropped by 4.6 million barrels last week, much more than the expected drop of about 1.4 million barrels.

Benchmark crude oil futures for January delivery fell $2.94 or about 4.1 percent to settle at $69.38 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $2.9 or about 3.76 percent to settle at $74.30 a barrel on London's Intercontinental Exchange. 

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