West Texas Intermediate fell for a 10th day, the longest losing streak on record, after government data showed U.S. gasoline stockpiles expanded amid reduced demand in the world’s biggest oil user. Brent dropped in London.
Futures declined as much as 0.6 percent in New York. Gasoline inventories increased by 579,000 barrels last week as a measure of consumption slid, the Energy Information Administration reported. Supplies were forecast to shrink by 400,000 barrels, a Bloomberg News survey shows. Brent closed at a two-month low yesterday amid signs that Libya, the holder of Africa’s largest crude reserves, will boost exports.
“It’s drive time but we’re not really seeing a gain in consumption,” said Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney who predicts investors may buy WTI contracts if prices fall to about $100 a barrel. “That might be the nail in the coffin for prices. The geopolitical picture isn’t as volatile as it once was.”