Oil ends lower after U.S. crude stockpiles jump, gasoline demand sinks - Reuters

Oil ends lower after U.S. crude stockpiles jump, gasoline demand sinks - Reuters:

Oil prices fell on Wednesday after U.S. crude inventories rose last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic.

Crude inventories USOILC=ECI rose by 13.8 million barrels last week, the U.S. Energy Information Administration said. That was the biggest one-week rise since 2016, and analysts expect similar data in coming weeks, as refineries curb output further and gasoline demand continues to decline.

West Texas Intermediate (WTI) crude CLc1 fell 17 cents to settle at $20.31 a barrel, after hitting a low at $19.90.

June Brent crude LCOc1 fell $1.61 , or 6.1%, to $24.74 a barrel. The global benchmark fell to $21.65 on Monday, its lowest since 2002, when the now-expired May contract was the front month.