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Oil Plunges to Lowest Since February as US Gasoline Demand Drops

  • Summer gasoline consumption falls below pandemic levels
  • OPEC+ to raise output by 100,000 barrels a day in September
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WATCH: Vivek Dhar, director of mining and energy commodities research at CBA, discusses the outlook for oil, natural gas and metals. Source: Bloomberg
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Oil plunged after a US inventory report signaled slowing demand and the Organization of Petroleum Exporting Countries agreed to a small production increase in September. 

West Texas Intermediate futures fell 4% to settle at $90.66 a barrel, the lowest level since early February, before Russia invaded Ukraine. A bearish government report dragged prices lower as crude stockpiles rose by more than 4 million barrels, while the four-week seasonal average for gasoline demand fell below the 2020 level