US gasoline stockpiles surge unexpectedly, lowering oil prices

Oil prices drop Thursday morning on a build-up in US gasoline inventories, indicating declining fuel demand now that the number of Covid-19 infections is increasing in Europe and the US.

Photo: Jan Unger

A barrel of European benchmark oil Brent Thursday morning CET costs USD 41.52 against USD 42.06 Wednesday afternoon. US reference crude West Texas Intermediate concurrently trades at USD 39.78 against USD 40.43.

US gasoline stockpiles increased last week by 1.9 million barrels, according to numbers published by the US Energy Information Administration, EIA, reports Reuters.

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