Oil Slips Below $54 as Trade Fears Outweigh U.S. Gasoline Demand - Bloomberg

Oil Slips Below $54 as Trade Fears Outweigh U.S. Gasoline Demand - Bloomberg:

Oil slipped below $54 a barrel after a short-lived spike as anxieties about global trade and a supply glut overshadowed record gasoline consumption in the U.S. 


Futures in New York closed 0.3% lower on Wednesday after earlier rising by almost 1%. The U.S. Energy Information Administration said domestic oil inventories fell by 3.1 million barrels last week, more than any of the 12 analysts in a Bloomberg survey expected. Demand for gasoline hit a record 9.93 million barrels a day and stockpiles of the motor fuel unexpectedly declined.

The report came hours after OPEC and its allies officially proposed an early July date to discuss new supply cuts, ending weeks of speculation about whether the group of major producers could overcome divisions. Saudi Arabia, Iraq and the United Arab Emirates -- OPEC’s three biggest members -- all want to keep restraining production amid signs of faltering economic growth, according to statements in recent days.