Oil prices fell today to their lowest level since last June amid growing concerns about demand for crude as a result of a larger-than-expected rise in US gasoline inventories.
The decline in Brent crude futures reached USD 2.90, or 3.8%, to reach USD 74.30 per barrel at settlement, thus falling below USD 75 per barrel for the first time since early July. US WTI futures fell 2.94 dollars, or 4.1%, to 69.38 dollars a barrel, falling below 70 dollars a barrel since July as well.
The U.S. Energy Information Administration had earlier announced that U.S. gasoline inventories rose 5.4 million barrels last week, which is five times larger than the expected increase.
