Oil Prices Fell To Its Lowest In More Than A Month To US$45, As Gasoline Glut Signals Weak Summer Demand.
Oil prices fell to its lowest in more than a month to US$45, as gasoline glut signals weak summer demand. This as US Government data showed weaker demand at the start of the summer driving season led to another increase in gasoline stockpiles. Adding to the market pessimism, the International Energy Agency said new production from OPEC’s rivals will be more than enough to meet growth in demand next year, overwhelming the oil group’s efforts to reduce supplies by cutting its own output. BM