Oil Slips as Rising US Gasoline Inventories Signal Shaky Demand
- Total crude stockpiles fall nationwide despite Cushing buildup
- Shutdowns at Libya’s Sharara, El-Feel fields dent supplies
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Oil fell as rising gasoline stockpiles in the US signaled a shaky picture for demand, undercutting the effect of output disruptions in Libya.
West Texas Intermediate edged lower to settle near $72 a barrel after swinging in a $3 range. Traders weighed rising tensions in the Middle East against data showing US gasoline inventories swelling the most since in three decades and implied demand dropping to a yearly low. Crude supplies had a more mixed picture, with inventories at the key storage hub in Cushing, Oklahoma, rising to the highest since July while total US stockpiles fell.