Crude oil falls from the highest level in nearly two weeks on concern that demand will be weak.
Crude oil fell from the highest level in nearly two weeks on concern that demand will be weak, boosting gasoline inventories from six-month high.
Crude fell as much as 1.3 percent before an Energy Department report tomorrow that may show gasoline stockpiles climbed 350,000 barrels last week, according to the median of 14 analyst estimates compiled by Bloomberg. Gasoline inventories rose to 226.1 million barrels in the week ended Sept. 17, the highest level since March 12.
“People are looking ahead to the stats tomorrow, and we should expect another build in gasoline,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “There is a lot of oil in inventory right now and prices are going to have a hard time to stay up.”
Crude for November delivery fell 73 cents, or 1 percent, to $75.79 a barrel at 9:01 a.m. on the New York Mercantile Exchange. It settled at $76.52 on Monday, the highest level since Sept. 14.
For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.