Oil Near One-Week Low as Fuel Demand Slips to Lowest in 10 Years
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Oil traded near a one-week low after gasoline stockpiles rose and consumption fell to the lowest in 10 years in the U.S., the world’s biggest crude consumer.
Futures were little changed in New York after slipping 0.2 percent yesterday. While crude inventories declined, gasoline use dropped to the lowest since September 2001, and supplies of the motor fuel increased to the highest level in 10 months, according to a report yesterday from the Energy Department. U.S. demand for oil products in the latest four-week period was down 7.2 percent from a year ago, according to Societe Generale SA.