A huge build in gasoline inventories combined with demand concerns to send oil prices tumbling on Wednesday morning despite a build in crude oil inventories.
Start Trading CFDs Over 2,200 Different InstrumentsStart Trading CFDs Over 2,200 Different Instruments1 day5 daysOil prices tumbled on Wednesday morning despite a 2.2. million-barrel build in crude oil inventories and confirmation from OPEC+ that it would maintain its production levels.
Gasoline inventories added a substantial 6.5 million barrels for the week to September 29, which compared with a build of 1 million barrels for the previous week. Gasoline inventories are now 1% above the five-year average for this time of year.Gasoline production averaged 8.8 million barrels daily last week, which compared with 9.1 million barrels daily for the prior week.
Oil prices were already under pressure from a more expensive greenback combined with a pessimistic outlook for the global economy to pressure benchmarks.
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