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Crude Oil Slumps On Gasoline Glut

Crude oil futures inched lower Wednesday morning, extending recent losses ahead of the official U.S. crude oil stockpiles report.

The Energy Information Administration delivers its weekly report at 10:30 am ET.

Yesterday, an industry report from the American Petroleum Institute said crude oil stockpiles dropped 4.08 million barrels, but that gasoline inventories surged up 4.19 million barrels.

The survey shows that gasoline supplies are not as depleted as once feared due to Hurricane Harvey.

WTI light sweet crude oil was down 11 cents at $50.31 a barrel.

In economic news, the U.S. private sector added only 135,000 jobs in September, ADP data showed.

by RTTNews Staff Writer

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