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Reuters
Oil falls as start of U.S. summer driving season fails to lift fuel demand
SINGAPORE (Reuters) -Oil prices fell on Thursday as inventory data in the United States, the world’s top oil consumer, showed a surge in gasoline stocks that indicated weaker-than-expected fuel demand at the start of summer, the country’s peak season for motoring. Brent crude oil futures were down 36 cents, or 0.5%, at $71.86 a barrel by 0651 GMT, while U.S. oil futures declined by 35 cents, or 0.5%, to $69.61 a barrel. U.S. crude oil stockpiles that include the Strategic Petroleum Reserve (SPR) 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 (EIA) said on Wednesday.
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