Industry and Energy

Home page

Industry and Energy

Oil falls after U.S. gasoline inventories unexpectedly surge

08 April 2021 08:27 (UTC +04:00)

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, APA reports quoting Reuters.

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