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Oil Rally Reverses Amid Signs of Slowing Gasoline Demand

  • Implied gasoline demand dropped, gasoline stockpiles rose: EIA
  • WTI erases intraday gains, falling 1.8% to settle under $110
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Oil shed its gains after a bullish crude inventory report was tempered by an unseasonal slowdown in gasoline demand.

West Texas Intermediate slipped under $110 a barrel after rising as high as $114.05 a barrel during the session. A government report showed that US crude stocks fell as fuelmakers increased runs amid historically high refining margins. Meanwhile, gasoline demand on a four-week rolling average fell to the lowest seasonal level since 2014, with the exception of 2020.