Oil fell more than 2% on Wednesday, reversing early gains after a report showed gasoline demand fell in the United States in the latest week.
Futures prices turned negative after weekly government data from showed lower gasoline demand from a week earlier, prompting traders to shrug off bullish U.S. crude inventory data. [EIA/S]
Crude inventories USOILC=ECI fell by 9.4 million barrels in the last week to 498.4 million barrels, a far steeper dive than the 1.9 million-barrel drop that analysts expected in a Reuters poll. [EIA/S] The data reflects a period during which Hurricane Laura shut output and refining facilities.
Brent crude LCOc1, the global benchmark, fell $1.15, or 2.5%, to settle at $44.43 a barrel, after two days of price gains. U.S. West Texas Intermediate CLc1 settled lower by $1.25, or 2.9%, to $41.51 a barrel.
Reference: Reuters
· 
Thai
Eng