Oil Drops to Two-Month Low Amid Ample U.S. Supply, Rising Dollar
- Supplies at highest seasonal level in at least 20 years: EIA
- Record June fuel consumption unable to dent gasoline surplus
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Oil dropped to the lowest close in more than two months as the U.S. heads to the end of the summer-driving season with ample inventories.
Futures fell 1.3 percent in New York. U.S. crude and gasoline supplies are at the highest seasonal levels in at least two decades, government data show. Record June demand of the fuel wasn’t enough to make a dent in stockpiles that ended the month at the highest since 1984 for this time of year, the American Petroleum Institute said. The summer driving season ends Sept. 5 on Labor Day. Oil also slipped as the dollar rose to a more than seven-week high.