More Videos
|
CNBC'S MOST SHARED
- Rich People With A Death Wish
- A Goldman Trading Scandal?
- Facebook Director Sees 'Billions' in Revenue in 5 Years
- Accused Ex-Goldman Sachs Programmer Out on Bail
- The Threat of Ballooning Pensions
- Lehman CEO: Firm Deserved Bailout or 'Wind Down'
- Saudis Looking to UK Property?
- Judge Gives Control of Jackson Estate to Executors
- Texting And Driving Worse Than Drinking and Driving
- Hey, What's Up Doc?
- In Blow to Housing, Risky Mortgage Losses Seen Rising
- Second Half: Wait For Pullbacks, Then Buy the Best
- Web Exclusive: Hot Tips From Top Money Manager
- Accused Ex-Goldman Sachs Programmer Out on Bail
- Used Video Game Sales Soar: So Who Wins?
- Discover Shares Fall on Word of Stock Offering
- Cramer: Where We Go From Here
- The Weirdest Currencies on Earth
- Recession Special: Wine Cheaper Than Water!
- March Lows Will Hold — So Buy Equities: Strategists
- Lacoste Runs Full Page Ad With Roddick Loss
- Brandt: Bing, The Little Search Engine That Couldn't
- 5-Star Manager's 5 Top Stocks
- Hey, What's Up Doc?
- Busch: Summertime Blues Hits Investors
- Chadwick: Recession and Scandals Pave the Way for Romney 2012
- Art Cashin: The S&P's 'Head and Shoulders' Number
- Michael Jackson: Death And Taxes
Text Size 
Oil fell slightly to close below $70 a barrel Wednesday after government data showed a build in U.S. gasoline inventories ahead of the Independence Day holiday, traditionally the peak of the summer driving season.
Gasoline stockpiles in the world's top consumer rose by 2.3 million barrels last week, above analysts forecasts, data from the U.S. Energy Information Administration showed.
Distillate inventories, including diesel, increased by 2.9 million barrels, while crude stockpiles fell by 3.7 million barrels.
U.S. light, sweet crude [US@CL.1 Loading... ()] traded down 58 cents to settle at $69.31, after earlier rising as high as $71.85. London Brent crude [GB@IB.1 Loading... ()] also fell.
"The fact that gasoline stocks are up 2.3 million barrels ahead of the Fourth of July weekend is huge," said Stephen Schork, editor of The Schork Report, adding, "Demand is low."
The economic crisis has battered fuel demand, sending crude off record highs over $147 a barrel hit last July. But optimism a potential economic recovery could send push demand higher has helped lift crude off lows below $33 a barrel touched in December.
 |
Total U.S. product demand fell 5.8 percent over the four weeks to June 26 compared to year-ago levels, according to the EIA report.
The stockbuilds outweighed optimism in equities markets, with U.S. stocks rising on improving prospects for manufacturing around the world and suggestions the global economy was recovering.
Further pressure on crude came after a Reuters survey showed OPEC output rose in June, with members' compliance with agreed cuts at 72 percent last month, a fall from 75 percent in May.
The producer group last year agreed to a series of output cuts aimed at taking 4.2 million barrels per day of crude off the market to help stem the slide in crude prices.
Kuwait's oil minister said OPEC is unlikely to raise output when it meets again in September if markets remain oversupplied.
For Investors:
Output from OPEC member Nigeria has dropped over the past month due to an escalation of civil unrest in its oil-rich Niger Delta region. Tuesday, oil major Royal Dutch Shell said attacks by Nigerian militants had cut its onshore output to around half of what it was producing earlier this year.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes