Oil up on global economic recovery, but high U.S. gasoline stocks weigh | Reuters
Global benchmark Brent crude inched higher on Wednesday on improving global economic outlook, but U.S. crude fell on rising gasoline inventories amid fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.
Brent crude futures were up 44 cents, or 0.7%, to $63.18 a barrel by 1:42 p.m. EDT (1742 GMT) while U.S. West Texas Intermediate crude fell 40 cents, or 0.7%, to $59.73.
U.S. crude stocks fell 3.5 million barrels last week, but gasoline inventories jumped 4 million barrels, the Energy Information Administration said, compared with expectations in a Reuters poll for a 221,000-barrel gasoline drop. [EIA/S]
“If you don’t need to make gasoline, then you don’t need to use more crude oil,” said Bob Yawger, director of energy futures at Mizuho Securities.
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