Oil falls after U.S. gasoline stocks surge against expectations | Reuters

Oil falls after U.S. gasoline stocks surge against expectations | Reuters

Crude prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise.

Brent crude fell 51 cents, or 0.8%, to $62.65 a barrel by 0648 GMT. U.S. oil fell 53 cents, or 0.9%, to $59.24 a barrel.

While crude oil stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply, also against expectations, the U.S. Department of Energy said on Wednesday.

Oil inventories dropped by 3.5 million barrels last week to nearly 502 million barrels, and gasoline stocks increased by 4 million barrels, against expectations of a decline, to just over 230 million barrels, as refiners ramped up production before the summer driving season.