December 6, 2023 – 4:27 PM UTC
HOUSTON (Reuters) – Oil prices fell by 2.5% on Wednesday, as a bigger-than-expected rise in U.S. gasoline inventories worried markets about demand and outweighed a draw in crude stocks.
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Brent crude futures fell $1.96, or 2.53%, to $75.27 a barrel by 10:58 a.m. ET (1558 GMT). U.S. WTI crude futures fell by $2.19, or 3.03%, to $70.14 a barrel.
U.S. gasoline stocks rose by 5.4 million barrels last week, the Energy Information Administration said, more than quintuple the 1 million-barrel rise that analysts had expected.
Crude inventories fell by 4.6 million barrels, far exceeding the 1.4 million-barrel drop analysts had expected.
“There is demand destruction coming in from the fuel side. The market is more demand focused than supply focused right now,” Dennis Kissler, senior vice president of trading at BOK…
