Oil Falls Amid Signs Global Glut to Ebb Slowly, Gasoline Tumbles
- Gasoline futures close at lowest since March 2009 on Nymex
- Rigs targeting oil in the U.S. drop for 7th week: Baker Hughes
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Crude extended last week’s decline on signs the global surplus will only gradually dissipate. Gasoline futures tumbled to the lowest level in more than six years.
West Texas Intermediate futures fell 2.9 percent. China reported the slowest economic growth since 2009, sending commodities lower. Saudi Arabia’s commercial crude stockpiles in August rose to the highest level since at least 2002, data from the Joint Organisations Data Initiative show.