Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl
On the Multi Commodity Exchange (MCX), crude oil futures due for a December 18 expiry, was last trading lower by 4.75 per cent at ₹5,791 per bbl, having swung between ₹5,784 and ₹6,068 per bbl during the session so far.
Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. US gasoline stocks rose by 5.4 million barrels last week, said the Energy Information Administration.
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