Oil Rally Pauses as Investors Weigh Rising Gasoline Supplies
- Brent futures pare gains after failing to breach $70 a barrel
- Gasoline supplies in the U.S. rise for the fifth week in a row
This article is for subscribers only.
Oil was little changed, giving up earlier gains as traders assessed an increase in gasoline stockpiles and technical signals suggesting the commodity’s rally was due for a pullback.
Futures in London pared a gain of as much as 1.6% after testing a run to the key psychological $70-a-barrel mark. While an Energy Information Administration report on Wednesday showed U.S. crude stockpiles fell by nearly 8 million barrels last week and exports surged by the most on record, gasoline inventories rose for a fifth straight week.