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U.S. crude stocks build unexpectedly; gasoline demand at record high: EIA report

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U.S. crude stocks build unexpectedly; gasoline demand at record high: EIA report GlobeInvestor

Refinery crude runs fell by 475,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.6 percentage points to 94.8 per cent of overall capacity.

Oil prices were under pressure prior to the report due to widening fears about slowed global economic growth. Following the EIA report, the market extended loses. U.S. crude futures were down $1.99 per barrel, or 3.5 per cent, at $55.12 by 10:52 a.m. EDT , while Brent fell $1.94 a barrel, or 3.1 per cent, to $59.40.

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