What's Moving the Oil Markets?

What's Moving the Oil Markets?

•Brent crude futures in London continued to lose ground extending Wednesday's losses on a bout of profit-taking following the latest US stock report which appeared to be bearish, brokers said.
•The smaller than expected drawdown in gasoline inventories coupled with a surge in gasoline imports and a large rise in crude refinery runs were the catalyst for Wednesday's sell off, traders said. The US Department of Energy said that gasoline inventories slipped 1.9 million barrels, but refinery runs soared 2% to 88.2%, the highest level since early January.

•Gasoline imports ramped up 431,000 b/d to 1.338 million b/d as an armada of ships headed across the Atlantic from Europe, the US DOE said.

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