Oil and Gasoline Drop Most in Two Weeks on U.S. Fuel Supply Jump
- Domestic gasoline inventories rise by the most since May
- U.S. fuel demand weakens with coronavirus cases raging
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Oil and gasoline futures tumbled the most in more than two weeks after a U.S. government report showed swelling fuel stockpiles and slowing demand as the coronavirus pandemic rages.
Both crude and gasoline futures in New York declined 4% on Wednesday. Domestic gasoline inventories rose 1.9 million barrels last week, the biggest increase since May, while a measure of gasoline consumption slid to the lowest since late September, according to an Energy Information Administration report. The mounting fuel supplies and lackluster demand may worsen during the normally sluggish winter driving months.