Oil dives more than 5%, below $30 a barrel as glut grows - Reuters

Oil dives more than 5%, below $30 a barrel as glut grows - Reuters:

Oil dropped more than 5%, falling below $30 a barrel on Wednesday as U.S. crude inventories ticked up and gasoline demand remained below normal seasonal levels, offsetting hopes for a recovery in demand as some countries ease coronavirus lockdowns.

Base
Brent was down $1.90, or 6.2%, at $29.07 a barrel, reversing course after rising in the past six sessions. West Texas Intermediate (WTI) crude fell $1.30, or 5.4%, to $23.26.

Brent crude has almost doubled since hitting a 21-year low on April 22, supported by expectations demand will recover and by a record supply cut led by the Organization of the Petroleum Exporting Countries. Still, the benchmark and its U.S. counterpart remain weighed down by tepid demand and high volumes in storage.

U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said on Wednesday.