Oil prices slipped on Wednesday after U.S. inventory data showed a surge in gasoline inventories due to weak fuel demand following U.S. Memorial Day weekend, traditionally the beginning of the peak summer driving season.
Brent crude futures fell 23 cents, or 0.3%, to $71.99 a barrel by 12:35 p.m.
EDT(1635 GMT), having earlier touched $72.83, their highest since May 20, 2019.
U.S. West Texas Intermediate (WTI) crude fell 43 cents, or 0.6%, to $69.62 a barrel, after reaching $70.62, its highest since Oct. 17, 2018.
Despite a 5 million-barrel draw in crude oil last week, stocks of gasoline and other fuels rose sharply due to weak demand, according to Energy Information Administration data for the week that included the long Memorial Day holiday weekend. Product supplied fell to 17.7 million barrels per day, versus 19.1 million the week before. read more
“This could be canary in a coal mine at peak economic activity having occurred, but it’s early days to...read more...