Oil slides as U.S. gasoline stocks climb for a fifth week

Oil slides as U.S. gasoline stocks climb for a fifth week

Oil prices dropped on Thursday as U.S. gasoline stockpiles, the world’s biggest oil consumer, climbed for a fifth straight week. Still, a drawdown in crude inventories helped cap losses. 

Brent crude oil futures were down 0.2%, or 16 cents, at $68.80 per barrel, while U.S. West Texas Intermediate crude futures lost 0.3%, or 20 cents, at $65.43 per barrel.

Both Brent and U.S. crude futures hit their strongest levels since mid-March on Wednesday before dropping. 

U.S. crude inventories dropped more than expected last week as refining output and exports rose. Crude stocks were down by 8 million barrels to 485.1 million barrels in the week ended April 30, contrary to expectations for a 2.3-million-barrel drop.

U.S. gasoline inventories climbed by 737,000 barrels in the week, against analysts’ forecasts for a 652,000-barrel decline.

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