Oil Edges Lower in Volatile Session as US Gasoline Demand Stalls
- Gasoline stockpiles rose 3.5 million barrels last week: EIA
- Inventories at the largest storage hub rose over 1 mln bbls
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Oil edged lower as growing stockpiles of crude and gasoline tempered fears of a tight market.
West Texas Intermediate for September delivery settled below $100 a barrel in a volatile session. A US inventory report showed a build in inventories at the largest storage hub in Cushing, while gasoline stockpiles grew more-than-expected 3.5 million barrels last week, according to an Energy Information Administration report.