Oil prices on Wednesday logged the lowest finish since January as U.S. crude supplies climbed a second week in a row and concerns about energy demand persisted on the back of growing U.S.-China trade tensions.
West Texas Intermediate crude for July delivery fell $2.13, or 4%, to settle at $51.14 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Jan. 14, according to Dow Jones Market Data. August Brent crude lost $2.32, or 3.7%, to $59.97 a barrel on ICE Futures Europe, the lowest front-month finish since Jan. 28. Both benchmarks had ended roughly flat on Tuesday.
On Nymex, July gasoline fell 4% to $1.686 a gallon, while July heating oil shed 2.3% to $1.780 a gallon.
In other energy trading, natural gas for July delivery slipped 0.5% to $2.386 per million British thermal units. The EIA on Thursday is likely to report a weekly climb of 108 billion cubic feet, topping the five-year average rise of 92 billion, according to a survey of analysts by S&P Global Platts.