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Oil slides 3.8 percent to two-week low on U.S. gasoline build

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil fell to a two-week low on Wednesday, after a surprising build in U.S. gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut. U.S. crude futures settled down $1.97 to $50.44 a barrel, a 3.8 percent drop, the biggest one-day decline since March 8. Brent crude settled down 3.6 percent, or $1.96 a barrel, to $52.93.U.S. crude stocks fell 1 million barrels in the latest week, the U.S. Energy Information Administration said, a smaller draw than expected. Gasoline stocks ...

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First Published: Thu, April 20 2017. 01:59 IST
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