Oil Falls as U.S. Fuel Supply, China Turmoil Add to Glut Concern
- Fuel stockpiles increase as crude inventories decline
- Futures remain more than 35 percent lower than June peak
Oil's Summer of Suffering Leads Commodities Rout
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Oil slipped as rising U.S. fuel stockpiles and further declines in China’s equity market fanned concern that demand may slow while global crude markets remain oversupplied.
Gasoline futures slumped to a seven-month low after an Energy Information Administration report showed that U.S. inventories climbed, while crude stockpiles declined by 5.45 million barrels last week. Equities in China, the biggest oil consumer after the U.S., closed lower to cap their worst five-day rout since 1996.