Oil prices sank today, continuing a streak of volatile trading as a big build in gasoline inventories surprised markets. Gasoline stocks rose by 3.1MM\/bbls, but were only forecasted to have a build of 383K. “The build-in gasoline is kind of a shock,” said Phil Flynn, an analyst at Price Futures Group. “The increase in gasoline supplies suggests that maybe we’re seeing demand weakening or that gasoline is going on the rack ahead of the holidays.” However, there was a bigger than expected draw in crude inventories of 3.7MM\/bbls vs 1.1MM\/bbls expected. Prices found some support later in the day as minutes from the latest Federal Reserve meeting showed most policymakers agreed it would soon be appropriate to slow interest rate hikes. WTI traded down $3.01 or -3.7% to close at $77.94. Brent traded down $2.95 or -3.3% to close at $85.41.<\/p>\n\n\n\n
Oil prices sank today, continuing a streak of volatile trading as a big build in gasoline inventories surprised markets. Gasoline stocks rose by 3.1MM\/bbls, but were only forecasted to have a build of 383K. “The build-in gasoline is kind of a shock,” said Phil Flynn, an analyst at Price Futures Group. “The increase in gasoline […]<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n