Oil Rally Stutters as Plentiful Gasoline Muddies Demand Outlook - Bloomberg:
Oil hovered near $61 a barrel for a second day after capping its longest streak of gains in almost two months as traders weighed bearish signs of swelling U.S. fuel inventories against a surprise decline in domestic crude stockpiles.
Futures in New York were little changed, after dipping less than 0.1% on Wednesday. Official U.S. inventory data showed gasoline, diesel and heating oil stockpiles swelled, reigniting demand concerns. Nationwide crude inventories fell to levels not seen since early November last week, government data showed, contradicting industry figures that pointed to an inventory build.
Crude has gained more than 10% this month, following an agreement from the Organization of Petroleum Exporting Countries and allies to deeper-than-expected output cuts, as well as amid positive trade signals between the U.S. and China. American crude exports also rose last week to the highest level since October, contributing to the inventory draw, the Energy Information Administration said.
Oil hovered near $61 a barrel for a second day after capping its longest streak of gains in almost two months as traders weighed bearish signs of swelling U.S. fuel inventories against a surprise decline in domestic crude stockpiles.
Futures in New York were little changed, after dipping less than 0.1% on Wednesday. Official U.S. inventory data showed gasoline, diesel and heating oil stockpiles swelled, reigniting demand concerns. Nationwide crude inventories fell to levels not seen since early November last week, government data showed, contradicting industry figures that pointed to an inventory build.
Crude has gained more than 10% this month, following an agreement from the Organization of Petroleum Exporting Countries and allies to deeper-than-expected output cuts, as well as amid positive trade signals between the U.S. and China. American crude exports also rose last week to the highest level since October, contributing to the inventory draw, the Energy Information Administration said.
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