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Oil hits 2-week lows as US fuel stock build signals easing demand

“However, gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, both exceeding expectations in a Reuters poll” reports foxbusiness.com. Brent crude futures were down $1.31, or 2.1 percent, at $61.55 a barrel by 12:43 p.m.U.S. crude production rose to 9.7 million barrels per day, another weekly record, though short of all-time records reached in the 1970s.Gasoline stocks tend to build in December, but at 221 million barrels of inventory, stocks are slightly above the five-year average for this time of year.U.S. oil production has climbed by 15 percent since mid-2016 to 9.7 million bpd, close to levels of top producers Russia and Saudi Arabia.
Source: foxbusiness.com

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