U.S. Oil Futures Cap Fifth Weekly Drop on Demand Outlook
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West Texas Intermediate crude capped a fifth weekly decline, the longest losing streak in nine months, on concern refineries will reduce demand for crude as the end of summer driving season approaches.
Gasoline demand slid to a two-month low, according to the latest weekly report from the Energy Information Administration. Retail gasoline prices are at the lowest seasonal level in four years, AAA data show. U.S. refineries typically schedule seasonal maintenance for September and October, when they move from maximizing gasoline output to producing winter fuels.