Oil prices down on U.S. gasoline level shocker

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Crude oil prices lost ground early Wednesday on a build in U.S. gasoline supplies, an indication of lower demand, and fears about the global economy.

Oil prices came under pressure Tuesday when the Organization of Economic Cooperation and Development said inflation moved lower for the world’s major industrialized economies. That followed an OECD warning the previous week of red lights flashing on some economic gauges.

Phil Flynn, a senior market analyst for the PRICE Futures Group in Chicago, said in a commentary emailed to UPI that other commodities like copper were on the decline because of a surge in supply, which by his read means China’s economy may be slowing down…

 

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