Oil falls for 6th time in 7 sessions as US gasoline stock builds, crude output hits record [CNBC]
Exxon Mobil Corporation (XOM)
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Source: CNBC
A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. Essam al-Sudani | Reuters Oil prices on Wednesday fell after a U.S. report showed big increases in gasoline and distillates inventories and as crude production rose to a new record. Prices were also under pressure from an OPEC report saying the producer group expected lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record. U.S. gasoline stockpiles last week rose to their highest since February, while distillate inventories jumped to their most since September 2017, according to the U.S. Information Administration (EIA). The EIA report also showed crude production for the week ended Jan. 10 rose to 13 million barrels per day (bpd). Brent futures U.S. West Texas Intermediate crude Earlier in the session, WTI was trading at its lowest level since Dec. 4, while Brent crude was
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