Crude Oil Prices Dip Despite Drop in Commercial Supplies

Crude oil futures declined on Wednesday despite a decline in commercial crude supplies, as the decrease was outweighed by a drop in gasoline demand and increased exports. The Energy Information Administration reported a 6.4 million barrel reduction in commercial crude oil stocks, bringing the total to 453.6 million barrels. However, gasoline demand fell by 239K barrels per day to 8.42 million barrels per day, below levels seen last year. The drop in gasoline demand, combined with a smaller-than-expected decrease in gasoline supply, eased concerns about a tight fuel market. Front-month Nymex crude for June delivery closed down 0.6% at $82.81/bbl, while June Brent crude finished down 0.4% at $88.02/bbl.

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