Oil falls 1% as focus shifts to high U.S. fuel stocks - Reuters

Oil falls 1% as focus shifts to high U.S. fuel stocks - Reuters:

Oil prices fell about 1% on Monday as Middle East tensions eased and investors turned their focus to lackluster seasonal demand following last week’s bearish U.S. report showing a large fuel stockbuilds.

Brent crude LCOc1 settled down 78 cents at $64.20 per barrel. West Texas Intermediate (WTI) crude CLc1 settled at $58.08 a barrel, down 96 cents.

Thin U.S. refinery margins for petroleum products have sapped crude prices, particularly as winter demand for heating oil has disappointed suppliers and gasoline margins have weakened, analysts said.

“It’s hard for crude oil to go higher if refiners continue to lose money or at best break even on gasoline,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service (OPIS).