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Crude Oil Plunges Almost 3% On Gasoline Surplus

Crude oil futures plunged Wednesday, extending recent losses after official data confirmed a huge build in U.S. gasoline supplies.

Crude inventories fell 5.6 million barrels (bbl) in the week to Dec. 1, compared with analysts' expectations for a decrease of 3.4 million bbl. Inventories were at their lowest since October 2015.

However, gasoline stocks rose 6.8 million bbl, more than triple expectations.

This signals that demand for crude oil from refineries will plummet in the next few weeks.

WTI light sweet crude oil for January crude was down $1.66, or 2.9%, at $55.96 a barrel.

Employment in the U.S. private sector increased by slightly more than expected in the month of November, payroll processor ADP revealed in a report released on Wednesday.

ADP said private sector employment climbed by 190,000 jobs in November after surging up by 235,000 jobs in October. Economists had expected an increase of about 185,000 jobs.

by RTT Staff Writer

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