Oil eases as US demand concerns

Singapore, Apr.25 (BNA):  Oil prices were little changed on Thursday as falling fuel demand in the United States, the world’s biggest oil user, amid signs of a slowing economy.

 

Brent crude futures edged up 9 cents to $88.11 a barrel at 0420 GMT, after falling 0.5% in the previous session.

 

U.S. West Texas Intermediate crude futures for June gained 7 cents to $82.88 a barrel, following a 0.6% drop on Wednesday.

 

Data from the U.S. Energy Information Administration (EIA) on Wednesday showed gasoline demand in the week to April 19 dropped 2.8% from a week earlier and is down 11% from a year ago.  Distillate fuel demand also declined from a week ago and is down 4.7% from a year ago.

 

Other EIA data on Wednesday showed U.S. oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast.

 

Crude stocks slumped by 6.4 million barrels to 453.6 million barrels, the EIA said, compared with expectations in a Reuters poll for an 825,000-barrel rise.

 


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