Oil declined as investors assessed signs of lackluster US gasoline demand and the return of supplies from Libya.
West Texas Intermediate futures fell toward $95 a barrel. The slump came after a US report showed gasoline inventories rose more than expected last week, while stalling demand sent the motor fuel’s premium over crude plummeting.
Further bearish signs emerged from Libya with production rising above 700,000 barrels a day after restrictions on exports were lifted in recent days. Output is expected to return to 1.2 million barrels a day within a week to 10 days. The premium of the nearest crude futures contract over the next month eased, indicating cooling concerns about market scarcity.
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