Crude oil dipped again today, falling to multimonth lows and heading for a sixth straight week of losses as the approaching end of the U.S. summer driving season suggests a growing surplus in gasoline supply.
As Reuters reports, government data showing U.S. gasoline stocks exceeded market estimates by about 300,000 barrels last week has pushed global oil benchmark Brent to six-month lows and U.S. crude to a 4.5-month low since Wednesday.
Brent crude settled down 91 cents, or 1.8%, at $48.61 a barrel today, after touching a more than six-month low of $48.45. U.S. crude closed down 79 cents, or 1.8%, at $43.87, after hitting a more than four-month session low of $43.80.
Brent was down 7% for the week, and has fallen 23% over the past six weeks. U.S. crude also slid 7% on the week and has lost 26% in the last six weeks. Analysts tell Reuters crude futures could be pressured in coming months by seasonal refinery maintenance and stock builds in key oil products such as distillates, which include diesel.
