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Samson: Falling oil prices with weak demand for gasoline

10th June, 2021

Oil prices fell on Thursday, as inventory data in the United States, the world’s largest oil consumer, showed an increase in gasoline stocks pointing to weaker-than-expected demand for fuel at the start of summer, the country’s peak auto season

Brent crude futures were down 55 cents, or 0.76%, at $71.67 a barrel by 05:05 GMT, while US crude futures were down 53 cents, or 0.73%, at $69.43 a barrel

The Energy Information Administration said yesterday, Wednesday, that US crude oil stocks, which include the Strategic Petroleum Reserve, fell by 5.2 million barrels in the week ending June 4 to 474 million barrels, and the data also showed that demand for gasoline fell to 8.48 million barrels per day in the week ending in the fourth. From June, down from 9.15 million barrels per day compared to the previous week, so the fuel stocks have grown

In India, fuel demand fell in May to its lowest level since August last year, with a second wave of COVID-19 hampering mobility and curtailing economic activity in the world’s third largest oil consumer  LINK

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